NiSource prices $600M of notes to fuel $40B investment plan
What's the deal? NiSourceDealroom has a profile for this one. Try Dealroom → has priced $600 million of 5.400% senior unsecured notes due 2032, the US utility said in a November 2, 2026, filing. The notes sold at 99.752% of principal, yielding 5.447%, with net proceeds of about $594.9 million before expenses and settlement expected November 9.
Who ran it? BMO Capital MarketsDealroom has a profile for this one. Try Dealroom →, KeyBanc Capital MarketsDealroom has a profile for this one. Try Dealroom →, Mizuho SecuritiesDealroom has a profile for this one. Try Dealroom → USA, and PNC Capital Markets served as joint book-running managers, with Academy SecuritiesDealroom has a profile for this one. Try Dealroom → and Siebert Williams Shank as co-managers.
What's the money for? NiSource intends to use net proceeds for general corporate purposes, including capital expenditures, working capital, and repaying existing debt. The notes carry a 5.4% coupon, broadly in line with recent utility borrowing costs.
Why now? The issue fits a busy funding year: NiSource sold $1.25 billion of senior notes in May and $750 million of junior subordinated notes in August. It expects to fund growth with a mix of debt, hybrid securities, and equity.
What's the endgame? The company's plan calls for $40 billion of investment through 2033, including about $8 billion for generation tied to data-center customers. The latest notes look like routine capital-plan financing rather than a standalone strategic move.
The signal: NiSource's borrowing shows how utilities are tapping debt markets to bankroll the surge in data-center power demand, even as each new issue adds to funding obligations.
Read more: kalkinemedia.com
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