Spire Missouri Inc. Announces Final Tender Results of Offers for Any and All of Its First Mortgage Bonds, 7% Series Due 2029, 7.90% Series Due 2030, 6% Series Due 2034, 6.15% Series Due 2036 and 4.625% Series Due 2043

Rhea-AI Summary

Spire Missouri Inc. reported the final tender results for various First Mortgage Bonds, expiring on June 12, 2020. The total principal amount validly tendered includes $5,715,000 for the 2029 Bonds, $755,000 for the 2034 Bonds, and $500,000 for the 2036 Bonds, with no valid tenders for the 2030 Bonds. The Company will purchase all validly tendered Bonds, which will then be canceled. Payments for the Tender Consideration and any Accrued Interest are expected on June 16, 2020.

Positive

• Successful tender results for multiple bond series.
• Total of $6,970,000 validly tendered across selected bonds.
• Plans to cancel Bonds that were tendered, potentially improving cash management.

Negative

• No valid tenders for 2030 Bonds, indicating a lack of interest.

News Market Reaction – SR

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ST. LOUIS, June 15, 2020 /PRNewswire/ -- Spire Missouri Inc. ("Spire Missouri" or the "Company"), a wholly-owned subsidiary of Spire Inc. (NYSE: SR), today announced the final tender results of the previously announced offers (the "Offers") to purchase any and all of the Company's First Mortgage Bonds, 7% Series due 2029 (the "2029 Bonds"), First Mortgage Bonds, 7.90% Series due 2030 (the "2030 Bonds"), First Mortgage Bonds, 6% Series due 2034 (the "2034 Bonds"), First Mortgage Bonds, 6.15% Series due 2036 (the "2036 Bonds") and First Mortgage Bonds, 4.625% Series due 2043 (the "2043 Bonds" and, together with the 2029 Bonds, the 2030 Bonds, the 2034 Bonds and the 2036 Bonds, the "Bonds"). The terms and conditions of the Offers are described in an offer to purchase dated June 8, 2020 (the "Offer to Purchase"). Terms not defined in this announcement have the meanings given to them in the Offer to Purchase.

The Offers expired at 5:00 p.m., New York City time, on June 12, 2020 (the "Expiration Time").

The aggregate principal amount of 2029 Bonds validly tendered and not withdrawn by the Expiration Time is $5,715,000, as reported by the information and tender agent, Global Bondholder Services Corporation ("GBSC"). No 2030 Bonds were validly tendered by the Expiration Time, as reported by GBSC. The aggregate principal amount of 2034 Bonds validly tendered and not withdrawn by the Expiration Time is $755,000, as reported by GBSC. The aggregate principal amount of 2036 Bonds validly tendered and not withdrawn by the Expiration Time is $500,000, as reported by GBSC. The aggregate principal amount of 2043 Bonds validly tendered and not withdrawn by the Expiration Time is $55,000, as reported by GBSC. All Bonds validly tendered and not withdrawn will be purchased as described in the Offer to Purchase and will be cancelled. The Company expects to pay the Tender Consideration, together with any Accrued Interest, on June 16, 2020.

About Spire Missouri Inc.

The Company is a public utility engaged in the purchase, retail distribution and sale of natural gas, with primary offices located in St. Louis, Missouri. The Company is the largest natural gas distribution utility system in Missouri, serving approximately 1.2 million residential, commercial and industrial customers. The Company has two regions, one serving St. Louis and eastern Missouri and the other serving Kansas City and western Missouri.

Investor Contact:
Scott W. Dudley Jr.
314-342-0878
Scott.Dudley@SpireEnergy.com

Media Contact:
Jessica B. Willingham
314-342-3300
Jessica.Willingham@SpireEnergy.com

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SOURCE Spire Inc.

FAQ

What were the final tender results for Spire's First Mortgage Bonds?

Spire Missouri Inc. reported valid tenders totaling $5,715,000 for the 2029 Bonds, $755,000 for the 2034 Bonds, and $500,000 for the 2036 Bonds. No 2030 Bonds were validly tendered.

When did the tender offers for Spire Missouri Bonds expire?

The tender offers expired on June 12, 2020, at 5:00 p.m. New York City time.

What is the expected payment date for the tender consideration?

Payments for the tender consideration and any accrued interest are expected on June 16, 2020.

How many bonds were validly tendered for Spire Missouri?

The total principal amount validly tendered was $6,970,000 across the 2029, 2034, and 2036 Bonds.