Spire has entered into a $400 million delayed-draw senior unsecured term loan facility with a syndicate of banks led by Mizuho Bank and U.S. Bank.
Mizuho Bank is serving as administrative agent, joint lead arranger and joint bookrunner, while U.S. Bank National Association is syndication agent, joint lead arranger and joint bookrunner.
Regions Bank and The Toronto-Dominion Bank, New York Branch are serving as co-documentation agents, while Bank of America and Commerce Bank are co-managing agents.
Spire may complete up to four borrowings under the facility during an availability period ending on the earliest of full utilization, the fourth borrowing or December 31, 2026.
The company can use proceeds for general corporate purposes.
Borrowings will bear interest, at Spire’s election, at either a base rate or Adjusted Term SOFR plus 0.80% annually.
The facility matures 364 days after its August 31, 2026 effective date.
The agreement also requires Spire to maintain a consolidated capitalization ratio of no more than 70% at the end of each fiscal quarter and contains customary covenants and events of default.
