FARGO, N.D., Dec. 4, 2009 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) announced today the closing of an offering of $100 million of its 9.000% Notes due 2016. The Notes will be senior unsecured obligations of Otter Tail Corporation. Otter Tail Corporation intends to use the net proceeds of the offering to reduce borrowings under its revolving credit facility.
Banc of America Securities LLC and J.P. Morgan Securities Inc. acted as joint book-running managers, U.S. Bancorp Investments, Inc. acted as lead manager and BNP Paribas Securities Corp., KeyBanc Capital Markets Inc. and Wells Fargo Securities, LLC acted as co-managers for the offering.
This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell with respect to any securities. The offering was made only by means of the prospectus supplement and the prospectus relating to the Notes. The offering was not made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.
About The Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility, manufacturing, health services, food ingredient processing and infrastructure businesses which include plastics, construction and transportation. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
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