Deal Details
Follow-On Offering
Summary
Baird served as a joint book-runner on this offering
About
ALLETE, Inc. (“ALLETE” or the “Company”) (NYSE: ALE) recently completed a follow-on offering, structured as a forward sale agreement, of 2,800,000 common shares at a price of $49.75 per share. Settlement of the forward sale agreement will occur no later than 12 months following the date of pricing, upon which the Company will receive cash proceeds per share equal to the forward sale price. The Company intends to use any net proceeds of the forward sale agreement for corporate purposes, including capital investments.ALLETE is an energy company with businesses that include Minnesota Power in northeast Minnesota, Superior Water, Light & Power Co. in northwest Wisconsin, BNI Coal in Center, North Dakota and ALLETE Clean Energy. ALLETE also has significant transmission investments in the upper Midwest. ALLETE is headquartered in Duluth, Minnesota.
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- Date
- February 2014
- Company
- ALLETE, Inc.
- Transaction
- M&A
- Sectors
- Energy
- Target Geography
- North America
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