Benzinga | Feb 22, 2021 08:34AM EST

NiSource Announces $750M At-The-Market Equity Issuance Program

MERRILLVILLE, Ind., Feb. 22, 2021 /PRNewswire/ -- NiSource Inc. (NYSE:NI) ("NiSource") announced today that it has established an "at-the-market" ("ATM") equity offering program under which it may sell shares of its common stock having an aggregate sales price of up to $750 million.

NiSource has entered into separate equity distribution agreements with each of Barclays Capital Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Morgan Stanley and Wells Fargo Securities, LLC in their respective capacities as sales agents and as forward sellers (collectively, the "Agents"). Pursuant to these agreements, sales of shares of NiSource's common stock may be made in transactions that are deemed to be "at-the-market" offerings, including sales made by means of ordinary brokers' transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale or as agreed to with the applicable Agent.

In addition to the issuance and sale of shares of its common stock through the Agents, NiSource may enter into forward sale agreements with the Agents or certain of their respective affiliates, each in their capacity as forward purchasers (collectively, the "Forward Purchasers"). In connection with each such forward sale agreement, the applicable Forward Purchaser will, at NiSource's request, borrow from third parties and, through the relevant Agent, sell a number of shares of common stock equal to the number of shares underlying such forward purchase agreement to hedge such forward sale agreement.

NiSource intends to use the proceeds from the sales, if any, of the shares of its common stock for general corporate purposes, including to finance capital expenditures, additions to working capital and repayment of existing indebtedness.

A registration statement relating to these securities has become effective under the Securities Act of 1933, as amended. The offering is being made by means of a prospectus supplement to the prospectus contained in the registration statement. Before making an investment in these securities, potential investors should read the prospectus supplement and the accompanying prospectus for more complete information about NiSource and the offering. Potential investors may obtain these documents for free by visiting EDGAR on the Securities and Exchange Commission's ("SEC") website at www.sec.gov. Alternatively, potential investors may contact any Agent participating in the offering, who will arrange to send them these documents: Barclays Capital Inc., 745 Seventh Avenue, New York, NY 10019; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (866) 803-9204; KeyBanc Capital Markets Inc., 127 Public Square, 4th Floor, Cleveland, OH 44114; Mizuho Securities USA LLC, 1271 Avenue of the Americas, 3rd Floor, New York, NY 10020; Morgan Stanley at Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Wells Fargo Securities, LLC, 500 West 33rd Street, New York, NY 10001.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.