NiSource (NYSE: NI) expands $2.5B revolver and extends maturity to 2030

Rhea-AI Filing Summary

NiSource Inc. entered into a Seventh Amended and Restated Revolving Credit Agreement that increases its revolving credit facility to $2.5 billion and extends its termination date to December 11, 2030. The facility size rose by $650 million compared with the prior agreement, providing a larger committed borrowing capacity.

The agreement also raises the portion available for standby letters of credit by $25 million to $175 million and increases certain dollar and materiality thresholds tied to permitted liens, cross-defaults and the definition of Material Subsidiary. In addition, it removes provisions that linked the Applicable Rate to environmental, social and governance key performance indicators. Other terms, including representations, covenants and events of default, substantially carry over from the prior facility.

Insights

Corporate credit analyst

NiSource ups its revolving credit capacity to $2.5B and pushes maturity to 2030.

NiSource has replaced its prior revolving credit facility with a Seventh Amended and Restated agreement that sets total commitments at $2.5 billion, an increase of $650 million. The termination date moves from February 18, 2027 to December 11, 2030, which lengthens access to this committed bank liquidity.

The agreement also increases the sublimit for standby letters of credit to $175 million and raises certain materiality thresholds for items such as permitted liens and cross-defaults, which can modestly affect when covenant tests are triggered. Provisions that could have adjusted the Applicable Rate based on environmental, social and governance key performance indicators have been eliminated, simplifying pricing mechanics.

Overall, this action refreshes NiSource’s core bank funding backstop with a larger size and later maturity while keeping the existing covenant framework largely intact. Future disclosures in company filings may provide more detail on any pricing differences under the new facility and how NiSource uses the expanded capacity over the life of the agreement through 2030.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 11, 2025

NiSource Inc.

(Exact Name of Registrant as Specified in Charter)

DE		001-16189		35-2108964
(State or other jurisdiction of incorporation)		(Commission file number)		(I.R.S. Employer Identification No.)

801 East 86th Avenue Merrillville, Indiana		46410
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (877) 647-5990

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share		NI		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On December 11, 2025, NiSource Inc. (“NiSource”), as Borrower, entered into a Seventh Amended and Restated Revolving Credit Agreement (the “Agreement”) with the lenders party thereto, Barclays Bank PLC, as Administrative Agent, JPMorgan Chase Bank, N.A., MUFG Bank, Ltd. and Wells Fargo Bank, National Association, as Co-Syndication Agents, Bank of America, National Association, Bank of Montreal and Mizuho Bank, Ltd., as Co-Documentation Agents, and Barclays Bank PLC, JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., Wells Fargo Securities, LLC, BofA Securities, Inc., BMO Capital Markets Corp. and Mizuho Bank, Ltd., as Joint Lead Arrangers and Joint Bookrunners. The Agreement amended and restated in its entirety NiSource’s Sixth Amended and Restated Revolving Credit Agreement dated as of February 18, 2022, as amended by Amendment No. 1 thereto, dated as of August 23, 2023 (the “Existing Credit Agreement”).

The Agreement amended certain provisions of the Existing Credit Agreement to, among other things, (i) increase the facility by $650 million to $2.5 billion, (ii) extend the termination date from February 18, 2027 to December 11, 2030, (iii) increase the amount of the facility available for the issuance of standby letters of credit by $25 million to $175 million, (iv) increase certain dollar and materiality thresholds relating to permitted liens, cross-defaults and the definition of Material Subsidiary (as defined in the Agreement) and (v) eliminate certain provisions providing for the establishment of specified key performance indicators with respect to certain environmental, social and governance targets of NiSource and its subsidiaries that could have resulted in certain adjustments to the otherwise applied Applicable Rate (as defined in the Agreement).

Other than as summarized herein, the Agreement substantially restates the Existing Credit Agreement, including representations and warranties, financial and other covenants and events of default.

The description above is a summary of the Agreement and is qualified in its entirety by the complete text of the Agreement, a copy of which is attached to this report as Exhibit 10.1 and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
10.1		Seventh Amended and Restated Revolving Credit Agreement, dated as of December 11, 2025, among NiSource Inc., as Borrower, the lenders party thereto, Barclays Bank PLC, as Administrative Agent, JPMorgan Chase Bank, N.A., MUFG Bank, Ltd. and Wells Fargo Bank, National Association, as Co-Syndication Agents, Bank of America, National Association, Bank of Montreal and Mizuho Bank, Ltd., as Co-Documentation Agents, and Barclays Bank PLC, JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., Wells Fargo Securities, LLC, BofA Securities, Inc., BMO Capital Markets Corp. and Mizuho Bank, Ltd., as Joint Lead Arrangers and Joint Bookrunners.
104		Cover page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						NiSource Inc.
						(Registrant)
Date: December 11, 2025				By:		/s/ Shawn Anderson
						Shawn Anderson
						Executive Vice President and Chief Financial Officer

FAQ

What did NiSource Inc. (NI) announce in this 8-K?

NiSource Inc. entered into a Seventh Amended and Restated Revolving Credit Agreement, which replaces its prior revolving credit facility and updates key terms such as size, maturity and certain thresholds.

How large is NiSource’s new revolving credit facility and how much did it increase?

The new revolving credit facility is $2.5 billion, representing an increase of $650 million over NiSource’s prior revolving credit agreement.

When does NiSource’s amended revolving credit facility now terminate?

The termination date of NiSource’s amended revolving credit facility was extended from February 18, 2027 to December 11, 2030.

What changes were made to NiSource’s standby letter of credit capacity?

The amount of the facility available for the issuance of standby letters of credit was increased by $25 million to a total of $175 million.

How did the agreement affect ESG-linked pricing features for NiSource?

The new agreement eliminates provisions that would have established specified key performance indicators tied to environmental, social and governance targets, which could have adjusted the Applicable Rate on the facility.

Does the new credit agreement change NiSource’s covenants and events of default?

Aside from the specified updates, the agreement substantially restates the prior facility, including its representations and warranties, financial and other covenants, and events of default.

Who are the key banks involved in NiSource’s amended revolving credit facility?

Key banks include Barclays Bank PLC as Administrative Agent; JPMorgan Chase Bank, N.A., MUFG Bank, Ltd. and Wells Fargo Bank, National Association as Co-Syndication Agents; and Bank of America, National Association, Bank of Montreal and Mizuho Bank, Ltd. as Co-Documentation Agents.