NiSource Inc. Announces the Settlement Rate for the Purchase Contract Component of its 2021 Equity Units Offering
December 01 2023 - 5:30AM
Business Wire
NiSource Inc. (NYSE: NI) (“NiSource”) announced today the
settlement rate of the purchase contracts that form part of its
Series A Corporate Units (the “Corporate Units”), originally issued
on April 19, 2021 as part of NiSource’s equity units (“2021 Equity
Units”). Each holder of a Corporate Unit will receive 3.9295 shares
(the “Settlement Rate”) of NiSource common stock with cash to be
paid in lieu of any fractional share. The Settlement Rate was
determined based upon the per-share daily volume weighted average
of NiSource’s common stock over a consecutive 40-day trading period
ending on November 29, 2023.
Pursuant to the terms of the 2021 Equity Units, as of December
1, 2023, each holder of Corporate Units will be deemed to have
automatically delivered the related Series C Mandatory Convertible
Preferred Stock that are components of the Corporate Units to
NiSource in full satisfaction of such holder’s obligations under
the related purchase contracts. On December 1, 2023, (i) each
holder of a Corporate Unit will receive 3.9295 shares of the
NiSource’s common stock (Bloomberg Ticker: NI) under the purchase
contract component of the Corporate Units, with cash to be paid in
lieu of any fractional share, (ii) NiSource will retire and cancel
the Series C Mandatory Convertible Preferred Stock and such Series
C Mandatory Convertible Preferred Stock will cease to exist and
(iii) NiSource will voluntarily delist the Corporate Units
(Bloomberg Ticker: NIMC) from the New York Stock Exchange.
About NiSource
References in this press release to “NiSource” refer to NiSource
Inc. and “we,” “us” or “our” refer collectively to NiSource and its
subsidiaries.
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated
utility companies in the United States, serving approximately 3.2
million natural gas customers and 500,000 electric customers across
six states through its local Columbia Gas and NIPSCO brands. Based
in Merrillville, Indiana, NiSource's approximately 7,500 employees
are focused on safely delivering reliable and affordable energy to
our customers and communities we serve. NiSource is a member of the
Dow Jones Sustainability Index - North America. NI-F
Forward-Looking Statements
This press release contains “forward-looking statements,” within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”).
Forward-looking statements in this press release include, but are
not limited to, statements concerning the issuance of shares of
common stock at the established settlement rate, our plans,
strategies and objectives, and any and all underlying assumptions
and other statements that are other than statements of historical
fact. Investors and prospective investors should understand that
many factors govern whether any forward-looking statement contained
herein will be or can be realized. Any one of those factors could
cause actual results to differ materially from those projected.
Expressions of future goals and expectations and similar
expressions, including “may,” “will,” “should,” “could,” “would,”
“aims,” “seeks,” “expects,” “plans,” “anticipates,” “intends,”
“believes,” “estimates,” “predicts,” “potential,” “targets,”
“forecast,” and “continue,” reflecting something other than
historical fact are intended to identify forward-looking
statements. All forward-looking statements are based on assumptions
that management believes to be reasonable; however, there can be no
assurance that actual results will not differ materially.
Factors that could cause actual results to differ materially
from the projections, forecasts, estimates and expectations
discussed in this press release include, but are not limited to,
our ability to execute our business plan or growth strategy,
including utility infrastructure investments; potential incidents
and other operating risks associated with our business; our ability
to adapt to, and manage costs related to, advances in, or failures
of, technology; impacts related to our aging infrastructure; our
ability to obtain sufficient insurance coverage and whether such
coverage will protect us against significant losses; the success of
our electric generation strategy; construction risks and natural
gas costs and supply risks; fluctuations in demand from residential
and commercial customers; fluctuations in the price of energy
commodities and related transportation costs or an inability to
obtain an adequate, reliable and cost-effective fuel supply to meet
customer demands; the attraction and retention of a qualified,
diverse workforce and ability to maintain good labor relations; our
ability to manage new initiatives and organizational changes; the
actions of activist stockholders; the performance of third-party
suppliers and service providers; potential cybersecurity attacks;
increased requirements and costs related to cybersecurity; any
damage to our reputation; any remaining liabilities or impact
related to the sale of the Massachusetts Business; the impacts of
natural disasters, potential terrorist attacks or other
catastrophic events; the physical impacts of climate change and the
transition to a lower carbon future; our ability to manage the
financial and operational risks related to achieving our carbon
emission reduction goals, including our Net Zero Goal; our debt
obligations; any changes to our credit rating or the credit rating
of certain of our subsidiaries; any adverse effects related to our
equity units; adverse economic and capital market conditions or
increases in interest rates; inflation; recessions; economic
regulation and the impact of regulatory rate reviews; our ability
to obtain expected financial or regulatory outcomes; continuing and
potential future impacts from the COVID-19 pandemic; economic
conditions in certain industries; the reliability of customers and
suppliers to fulfill their payment and contractual obligations; the
ability of our subsidiaries to generate cash; pension funding
obligations; potential impairments of goodwill; the outcome of
legal and regulatory proceedings, investigations, incidents, claims
and litigation; potential remaining liabilities related to the
Greater Lawrence Incident; compliance with applicable laws,
regulations and tariffs; compliance with environmental laws and the
costs of associated liabilities; changes in taxation; and other
matters set forth in Item 1, “Business,” Item 1A, “Risk Factors”
and Part II, Item 7, “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2022,
and matters set forth in our Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2023, June 30, 2023 and September 30,
2023, some of which risks are beyond our control. In addition, the
relative contributions to profitability by each business segment,
and the assumptions underlying the forward-looking statements
relating thereto, may change over time.
All forward-looking statements are expressly qualified in their
entirety by the foregoing cautionary statements. We undertake no
obligation to, and expressly disclaim any such obligation to,
update or revise any forward-looking statements to reflect changed
assumptions, the occurrence of anticipated or unanticipated events
or changes to the future results over time or otherwise, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231201422862/en/
Media Lynne Evosevich
Corporate Media Relations (724) 288-1611 levosevich@nisource.com
Investors Christopher Turnure
Director, Investor Relations (614) 404-9426
cturnure@nisource.com
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