NiSource Inc. (NYSE: NI) announced today that the remarketing of its Series C Mandatory Convertible Preferred Stock, which was part of the 2021 Equity Units, was unsuccessful. The company was unable to find buyers for the stock.
As a result, holders of the Mandatory Convertible Preferred Stock that are components of the 2021 Equity Units will be deemed to have automatically delivered their stock to NiSource to fulfill their obligations to purchase NiSource common stock under the purchase contract component of the 2021 Equity Units. This will take effect from December 1, 2023.
The remarketing agents for this final remarketing were Goldman Sachs & Co. LLC, J.P. Morgan, and Wells Fargo Securities, with BofA Securities, PNC Capital Markets LLC, and Scotiabank acting as co-remarketing agents.
NiSource Inc. is a major regulated utility company in the United States, serving around 3.2 million natural gas customers and 500,000 electric customers. The company is committed to delivering safe, reliable, and affordable energy to the communities it serves.
