Every 424B that Black Hills Corporation (BKH) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BKH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BKH filings page.
Black Hills Corporation is offering up to $183,376,179.78 of common stock in an at-the-market program that replaces an earlier prospectus supplement. The amount represents the remaining capacity under a previously announced $400,000,000 sales agreement under which the company has sold 3,517,790 shares for aggregate gross proceeds of $216,623,820.22. Sales may be effected through designated sales agents or via forward sale agreements with affiliated forward purchasers and forward sellers; settlement under forward sale agreements may be physical, cash or net share settlement and could produce dilution or cash payment obligations depending on the settlement method.
The prospectus supplement states the company will pay commissions of up to 2% to agents/forward sellers, estimates offering expenses of approximately $700,000, and discloses 76,128,118 shares outstanding as of May 14, 2026. The proceeds, if any, will be used for working capital and general corporate purposes. The offering is subject to FINRA rules and customary risks described under "Risk Factors."
Black Hills Corporation and NorthWestern Energy Group plan an all-stock merger in which each NorthWestern share will convert into 0.98 share of Black Hills common stock. NorthWestern will become a wholly owned subsidiary, and the combined company will adopt a new name before or at closing.
To complete the deal, Black Hills shareholders must approve issuing new shares, tripling authorized stock to 300 million, increasing authorized indebtedness to $20 billion, and a corporate name change. NorthWestern shareholders must adopt the Merger Agreement. Both special meetings are virtual on April 2, 2026, and there are no appraisal rights.
Black Hills Corporation filed a preliminary prospectus supplement to offer a new series of senior unsecured notes to refinance near-term debt and for general corporate purposes. The company intends to use net proceeds to repay the $300 million aggregate principal amount of its 3.950% notes due January 15, 2026. The Notes will be senior unsecured obligations, rank equally with other unsecured indebtedness, bear semi-annual interest, and may be optionally redeemed prior to a specified par call date. There is no sinking fund and the Notes will be issued in book-entry form through DTC. The supplement describes a pending merger agreement with NorthWestern Energy under which Black Hills would issue common stock with an estimated aggregate value of approximately $3.6 billion; the merger remains subject to customary shareholder and regulatory approvals and may alter management and the board. The prospectus highlights operational scale: about 225,000 electric customers, 1,394 MW generation, 9,196 miles of electric lines, and ~1,128,000 gas customers with 44,524 miles of gas mains (as of Dec 31, 2024).