Spire Inc. Announces Redemption of 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock

Rhea-AI Summary

Spire (NYSE: SR) notified holders it will redeem all 10,000 outstanding 5.90% Series A cumulative perpetual preferred shares and related depositary shares effective February 13, 2026. Depositary Shares will receive a Redemption Price of $25.36056 per Depositary Share, inclusive of accumulated dividends through but not including the Redemption Date.

The Series A preferred will cease accruing dividends immediately prior to redemption and will be delisted from the New York Stock Exchange upon redemption.

Positive

• Immediate elimination of perpetual dividend obligation
• Redemption completes by a specified date: February 13, 2026
• Clear, cash-settlement price of $25.36056 per Depositary Share

Negative

• Delisting of Series A preferred from NYSE upon redemption
• Holders lose ongoing dividend rights immediately prior to redemption
• Potential administrative friction for beneficial holders through brokers

News Market Reaction

-0.44%

1 alert

-0.44% News Effect

On the day this news was published, SR declined 0.44%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Preferred dividend rate: 5.90% Preferred shares redeemed: 10,000 shares Par value per share: $25.00 +5 more

8 metrics

Preferred dividend rate 5.90% Series A cumulative redeemable perpetual preferred stock

Preferred shares redeemed 10,000 shares Outstanding Series A Preferred Stock to be redeemed

Par value per share $25.00 Par value of each Series A Preferred share

Liquidation preference $25,000 per share Liquidation preference for each Series A Preferred share

Redemption price per depositary share $25.36056 Includes accumulated and unpaid dividends to Redemption Date

Accrued dividend per share $0.36056 Accumulated and unpaid dividends to, but not including, Redemption Date

Redemption date February 13, 2026 Anticipated redemption date for Series A Preferred and Depositary Shares

Skipped dividend date February 17, 2026 No separate dividend to be paid on this date due to redemption

Market Reality Check

Price: $91.84 Vol: Volume 294,254 is below t...

normal vol

$91.84 Last Close

Volume Volume 294,254 is below the 20-day average of 354,878 ahead of this preferred redemption news. normal

Technical Shares at $84.86 are trading above the $79.27 200-day moving average and about 6.9% below the 52-week high of $91.11.

Peers on Argus

SR fell about 0.9% while key gas utility peers were mixed, with BKH, OGS and NJR...

SR fell about 0.9% while key gas utility peers were mixed, with BKH, OGS and NJR up modestly and SWX, MDU slightly down, suggesting this preferred redemption headline is more company-specific than sector-driven.

Historical Context

5 past events · Latest: Jan 14 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 14	Earnings call notice	Neutral	+0.3%	Announced timing and access details for fiscal 2026 Q1 earnings call.
Dec 09	Leadership change	Positive	-0.3%	Named new executive vice president and COO overseeing utility operations.
Nov 14	Earnings results	Positive	-2.4%	Reported higher fiscal 2025 earnings, issued FY26–27 guidance and raised dividend.
Nov 13	Dividend increase	Positive	-1.5%	Increased annual common dividend and declared regular preferred dividend.
Oct 21	Earnings call notice	Neutral	-0.4%	Scheduled fiscal 2025 year-end earnings conference call and webcast.

Pattern Detected

Recent news shows several positive fundamental updates (earnings, dividend hike, leadership) followed by mild negative price reactions, while neutral conference-call notices have seen modest or small moves.

Recent Company History

Over the last few months, Spire has focused on earnings communication, capital returns and leadership changes. On Nov. 14, 2025, it reported fiscal 2025 results with higher net income and long-term EPS guidance. A day earlier, on Nov. 13, 2025, the board raised the annual common dividend to $3.30 and declared a regular preferred dividend. Conference-call announcements on Oct. 21, 2025 and Jan. 14, 2026 framed upcoming results. The current preferred stock redemption follows this broader capital structure and financing activity trend.

Market Pulse Summary

This announcement details Spire’s plan to redeem its 5.90% Series A preferred stock on February 13, ...

Analysis

This announcement details Spire’s plan to redeem its 5.90% Series A preferred stock on February 13, 2026 at $25.36056 per depositary share, including $0.36056 of accrued dividends. After redemption, the preferred and related depositary shares will be delisted and cease paying dividends, replacing the expected February 17, 2026 payment. In context of recent financings and earnings updates, this step reflects ongoing adjustments to Spire’s capital structure and funding mix.

Key Terms

cumulative redeemable perpetual preferred stock, depositary shares, cusip, liquidation preference, +4 more

8 terms

cumulative redeemable perpetual preferred stock financial

"5.90% Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE: SR.PRA…"

A cumulative redeemable perpetual preferred stock is a type of ownership share that pays fixed dividends forever unless the company stops them, and any missed dividends accumulate and must be paid later. It can be redeemed (bought back) by the issuer at specified times or prices, so it behaves partly like a long-term loan; investors care because it sits ahead of common shares for payments and can affect a company’s cash needs and perceived credit risk.

depositary shares financial

"and the corresponding depositary shares of the Company ("Depositary Shares"), each…"

Depositary shares are tradable certificates that represent a fractional piece of a larger security held by a third-party bank, like owning a slice of a single big pie instead of the whole pie. They let companies issue and investors buy smaller, more affordable portions of preferred stock or other instruments; holders usually receive proportional dividends and market pricing similar to ordinary shares, but may have limited voting rights and different liquidity or tax implications, which can affect income and resale value.

cusip financial

"Preferred Stock (NYSE: SR.PRA – CUSIP No.: 84857L309)…"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

liquidation preference financial

"par value $25.00 per share, liquidation preference $25,000 per share…"

A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.

redemption price financial

"will be redeemed at a redemption price of $25.00 per share…"

The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.

redemption agent financial

"Computershare Inc. and Computershare Trust Company, N.A., collectively, as transfer agent and redemption agent…"

A redemption agent is the third-party firm or bank that handles the paperwork and payments when investors cash out certain securities or funds. Think of it as the trusted cashier and record-keeper who confirms you’re entitled to money, arranges the transfer, and ensures rules are followed; its efficiency and reliability affect how quickly and safely investors actually receive proceeds and reduce the risk of administrative delays or errors.

the depository trust company financial

"The Depositary Shares are held through The Depository Trust Company ("DTC")…"

The Depository Trust Company is a large organization that safely manages and keeps electronic records of ownership for stocks, bonds, and other securities. It acts like a digital warehouse, making it easier and faster for investors to buy, sell, and transfer investments without needing physical paper certificates. This helps ensure transactions are secure, accurate, and completed smoothly.

transfer agent financial

"Computershare Inc. and Computershare Trust Company, N.A., collectively, as transfer agent and redemption agent…"

A transfer agent is a financial service that keeps the official record of who owns a company's shares, handles the buying and selling of those shares on paper or electronically, and issues or cancels stock certificates. Think of it as the company’s records keeper and mailroom combined—investors rely on it to make sure dividends, shareholder mailings, ownership changes, and proxy voting are processed accurately and securely, which protects ownership rights and helps prevent errors or fraud.

AI-generated analysis. Not financial advice.

ST. LOUIS, Jan. 29, 2026 /PRNewswire/ -- Spire Inc. (NYSE: SR) (the "Company") announced today that it has delivered notice to holders of the Company's 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE: SR.PRA – CUSIP No.: 84857L309) (the "Series A Preferred Stock") of the Company's intent to redeem all 10,000 of its outstanding Series A Preferred Stock, par value $25.00 per share, liquidation preference $25,000 per share and the corresponding depositary shares of the Company ("Depositary Shares"), each representing 1/1000th fractional interest in one share of Series A Preferred Stock. 

The anticipated redemption date is February 13, 2026 (the "Redemption Date"). The Depositary Shares will be redeemed at a redemption price of $25.00 per share (equivalent to $25,000 per share of the Series A Preferred Stock), plus $0.36056 per share, for a total payment of $25.36056 per share, the amount equal to all accumulated and unpaid dividends up to, but not including, the Redemption Date (the "Redemption Price"). The Series A Preferred Stock will cease to accumulate dividends immediately prior to the Redemption Date. Upon redemption, the Series A Preferred Stock (or related Depositary Shares) will no longer be outstanding, and all rights of the holders will terminate, except the right of the holders to receive the cash payable upon such redemption, without interest. As a result, no separate dividend will be paid on February 17, 2026. Upon redemption, the Series A Preferred Stock will be delisted from trading on the New York Stock Exchange. 

The Depositary Shares are held through The Depository Trust Company ("DTC") and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively, as transfer agent and redemption agent, in accordance with the Deposit Agreement governing the Depositary Shares. Questions relating to, and requests for additional copies of, the notice of redemption and the related materials should be directed to Computershare Trust Company, N.A. for the redemption of the Series A Preferred Stock. The address for the redemption agent is as follows:

Computershare Trust Company, N.A.
Attn: Corporate Actions
150 Royall St., Suite 101
Canton, MA 02021

Investors in the Depositary Shares should contact the bank or broker through which they hold a beneficial interest in the Depositary Shares for information about obtaining the Redemption Price for the Depositary Shares in which they have a beneficial interest.

About Spire

At Spire Inc. (NYSE: SR) we believe energy exists to help make people's lives better. It's a simple idea, but one that's at the heart of our company. Every day we serve 1.7 million homes and businesses making us one of the largest publicly traded natural gas companies in the country. We help families and business owners fuel their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses include Spire Marketing and Spire Midstream. We are committed to transforming our business through growing organically, investing in infrastructure, and driving continuous improvement. Learn more at SpireEnergy.com.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Spire's future operating results may be affected by various uncertainties and risk factors, many of which are beyond the Company's control, including weather conditions, economic factors, the competitive environment, governmental and regulatory policy and action, and risks associated with acquisitions. For a more complete description of these uncertainties and risk factors, see the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, each as filed with the Securities and Exchange Commission.

Investor Contact:
Megan McPhail
314-309-6563
Megan.McPhail@SpireEnergy.com

Media Contact:
Jason Merrill
314-342-3300
Jason.Merrill@SpireEnergy.com

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SOURCE Spire Inc.

FAQ

What did Spire (SR) announce about redeeming its 5.90% Series A preferred on January 29, 2026?

Spire announced it will redeem all 10,000 Series A preferred shares on February 13, 2026. According to Spire, Depositary Shares will be paid $25.36056 each, representing $25.00 par plus $0.36056 accumulated dividends through but not including the Redemption Date.

How much will holders of SR.PRA depositary shares receive in the Spire redemption?

Holders will receive a Redemption Price of $25.36056 per Depositary Share on redemption. According to Spire, that amount equals $25.00 par value plus $0.36056 for accumulated unpaid dividends through the Redemption Date.

When will dividends on Spire (SR) Series A preferred stop accruing ahead of the February 13, 2026 redemption?

Dividends cease accruing immediately prior to the Redemption Date of February 13, 2026. According to Spire, the Series A preferred will stop accumulating dividends just before that date and no separate dividend will be paid on February 17, 2026.

What happens to trading and holder rights for SR Series A preferred after the February 13, 2026 redemption?

Upon redemption, the Series A preferred will no longer be outstanding and will be delisted from the NYSE. According to Spire, holders' rights terminate except for the right to receive the cash payable upon redemption, without interest.