NiSource Inc. (NI), a gas and electricity utility company, Friday announced an At-The-Market offering of its common shares through December 31, 2028 having a par value of $0.01 per share bringing the total offering to $1.5 billion.
The company intends to use the proceeds from the sale of its equity to pay down debts, for working capital requirements, and for general corporate purpose, it said in a statement.
This equity issuance program supersedes and replaces its previous $900 million equity offering that was established on February 22, 2024 and includes around $47.5 million of the common stock that was unsold in that offering.
NiSource has entered into separate agreements with Barclays Capital Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC as sales agents and forward sellers.
In pre-market activity, NiSource shares are trading at $42.55, up 1.72% on the New York Stock Exchange.
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