NorthWestern Corporation Announces Pricing of Public Offering of Common Stock

About this update from Northwestern Energy Group, Inc.

[{"type":"text","content":"BUTTE, Mont. and SIOUX FALLS, S.D., Nov. 17, 2021 (GLOBE NEWSWIRE) -- NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) announced today that it has priced its public offering of 6,074,767 shares of its common stock (the “Common Stock”) at a public offering price of $53.50 per share. Of the 6,074,767 shares of Common Stock being offered, NorthWestern is selling directly 1,401,869 shares to the underwriters in the offering, and the Forward Seller (as defined below) is borrowing and selling to such underwriters 4,672,898 shares in connection with the forward sale agreement described below. In conjunction with the offering, NorthWestern has granted to the underwriters an option to purchase up to 911,215 additional shares of Common Stock either directly from NorthWestern or from the Forward Seller described below, at NorthWestern’s election. In connection with the offering, NorthWestern has entered into a forward sale agreement with Bank of America, N.A. (the “Forward Purchaser”), under which NorthWestern has agreed to sell to the Forward Purchaser the same number of shares of Common Stock as are sold by an affiliate of the Forward Purchaser (the “Forward Seller”) to the underwriters for sale in the underwritten public offering (subject to certain adjustments and to NorthWestern’s right, in certain circumstances, to elect cash settlement or net share settlement of the forward sale agreement). Subject to certain conditions, the Forward Seller is expected to borrow, and sell to the underwriters, 4,672,898 shares of Common Stock at the close of the offering in connection with the forward sale agreement. Settlement of the forward sale agreement will occur on one or more dates no later than approximately 15 months after the date of the prospectus supplement relating to the offering. Upon any physical settlement of the forward sale agreement, NorthWestern will issue and deliver to the Forward Purchaser shares of Common Stock in exchange for cash proceeds per share of Common Stock equal to the forward sale price, which will initially be $51.8950, and will be subject to certain adjustments as provided in the forward sale agreement. NorthWestern may, in certain circumstances, elect cash or net share settlement for all or a portion of its obligations under the forward sale agreement. NorthWestern intends to add the net proceeds ...

More updates from Northwestern Energy Group, Inc.