XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.21.1

Financing | 6 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
Financing | 5. FINANCING Short-term Spire, Spire Missouri and Spire Alabama have a syndicated revolving credit facility pursuant to a loan agreement with 11 banks, expiring October 31, 2023. The loan agreement has an aggregate credit commitment of $975.0, including sublimits of $300.0 for Spire, $475.0 for Spire Missouri, and $200.0 for Spire Alabama. These sublimits may be reallocated from time to time among the three borrowers within the $975.0 aggregate commitment, with commitments fees applied for each borrower relative to its credit rating. Spire may use its line to provide for the funding needs of various subsidiaries. The agreement also contains financial covenants limiting each borrower’s consolidated total debt, including short-term debt, to no more than 70% of its total capitalization. As defined in the line of credit, on March 31, 2021, total debt was less than 60% of total capitalization for each borrower. Spire has a commercial paper program (“CP Program”) pursuant to which Spire may issue short-term, unsecured commercial paper notes. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate face or principal amount of the notes outstanding under the CP Program at any time not to exceed $975.0. The notes may have maturities of up to 365 days from date of issue. On March 26, 2020, Spire entered into a loan agreement with two banks providing for a term loan of $150.0, which was immediately fully funded. It was repaid on December 16, 2020. The term loan bore interest at the LIBOR Rate (as defined in the loan agreement) plus 0.85% per annum. On March 23, 2021, Spire Missouri entered into a loan agreement with several banks for a $250.0, 364-day unsecured term loan with an interest rate based on LIBOR plus 65 basis points. The loan carries no prepayment penalty and has the same covenants as the revolving credit facility. Information about Spire’s consolidated short-term borrowings and about Spire Missouri’s and Spire Alabama’s borrowings from Spire is presented in the following table. As of March 31, 2021, $398.1 of Spire’s short-term borrowings were used to support lending to the Utilities.
|  | Spire (Parent Only) |  |  | Spire Missouri |  |  | Spire Alabama |  |  | Spire |
|  | Credit |  |  | Term |  |  | CP |  |  | Credit |  |  | Term |  |  | Spire |  |  | Credit |  |  | Spire |  |  | Consol- |
|  | Facility |  |  | Loan |  |  | Program |  |  | Facility |  |  | Loan |  |  | Note |  |  | Facility |  |  | Note |  |  | idated |
Six Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average borrowings |  | $ | — |  |  | $ | 63.5 |  |  | $ | 606.9 |  |  | $ | — |  |  | $ | 11.0 |  |  | $ | 360.8 |  |  | $ | — |  |  | $ | 59.6 |  |  | $ | 681.4 |
Lowest borrowings outstanding |  |  | — |  |  |  | — |  |  |  | 403.5 |  |  |  | — |  |  |  | — |  |  |  | 277.2 |  |  |  | — |  |  |  | — |  |  |  | 455.5 |
Highest borrowings outstanding |  |  | — |  |  |  | 150.0 |  |  |  | 775.0 |  |  |  | — |  |  |  | 250.0 |  |  |  | 441.9 |  |  |  | — |  |  |  | 152.2 |  |  |  | 850.5 |
Weighted average interest rate |  | n/a |  |  |  | 1.1 | % |  |  | 0.3 | % |  | n/a |  |  |  | 0.8 | % |  |  | 0.3 | % |  | n/a |  |  |  | 0.2 | % |  |  | 0.4 | %
As of March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings outstanding |  | $ | — |  |  | $ | — |  |  | $ | 403.5 |  |  | $ | — |  |  | $ | 250.0 |  |  | $ | 369.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 653.5 |
Weighted average interest rate |  | n/a |  |  | n/a |  |  |  | 0.2 | % |  | n/a |  |  |  | 0.8 | % |  |  | 0.2 | % |  | n/a |  |  | n/a |  |  |  | 0.4 | %
As of September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings outstanding |  | $ | — |  |  | $ | 150.0 |  |  | $ | 498.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 301.2 |  |  | $ | — |  |  | $ | 121.3 |  |  | $ | 648.0 |
Weighted average interest rate |  | n/a |  |  |  | 1.1 | % |  |  | 0.2 | % |  | n/a |  |  | n/a |  |  |  | 0.2 | % |  | n/a |  |  |  | 0.2 | % |  |  | 0.6 | %
As of March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings outstanding |  | $ | — |  |  | $ | 150.0 |  |  | $ | 175.5 |  |  | $ | 185.1 |  |  | $ | — |  |  | $ | 39.6 |  |  | $ | 50.0 |  |  | $ | 33.0 |  |  | $ | 560.6 |
Weighted average interest rate |  | n/a |  |  |  | 2.1 | % |  |  | 1.8 | % |  |  | 1.8 | % |  | n/a |  |  |  | 1.9 | % |  |  | 1.9 | % |  |  | 1.9 | % |  |  | 1.9 | %
Long-term Debt The long-term debt agreements of Spire, Spire Missouri and Spire Alabama contain customary financial covenants and default provisions. As of March 31, 2021, there were no events of default under these financial covenants. Interest expense shown on Spire’s consolidated statements of income and Spire Missouri’s statements of comprehensive income is net of the capitalized interest amounts shown in the following table.
|  | Three Months Ended March 31, |  |  | Six Months Ended March 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Spire |  | $ | 1.1 |  |  | $ | 1.4 |  |  | $ | 2.0 |  |  | $ | 3.6 |
Spire Missouri |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.1 |  |  |  | 0.6 |
Spire Alabama |  |  | 0.7 |  |  |  | 0.4 |  |  |  | 1.3 |  |  |  | 1.0 |
On December 15, 2020, Spire Alabama issued and sold to certain institutional investors in a private placement $150.0 of 2.04% Series 2020 Senior Notes due December 15, 2030. Interest is payable semi-annually. The notes are senior unsecured obligations of Spire Alabama and rank equal in right to payment with all its other senior unsecured indebtedness. Spire Alabama used the proceeds to repay short-term debt. In February 2021, Spire issued $175.0 of 2021 Series A 0.75% Remarketable Senior Notes as part of the equity units described in the next section. Equity Units In February 2021, Spire issued 3.5 million equity units, initially in the form of Corporate Units, for an aggregate stated amount of $175.0, resulting in net proceeds (after underwriting fees and other issuance costs) of $169.3. Each “Corporate Unit” has a stated amount of fifty dollars and consists of (i) a stock purchase contract and (ii) a 1/20, or 5%, undivided beneficial ownership interest in one thousand dollars principal amount of Spire’s 2021 Series A 0.75% Remarketable Senior Notes due March 1, 2026 (RSNs). The RSNs are pledged as collateral to secure the holder’s obligation under the related stock purchase contracts. Each stock purchase contract obligates the holder to purchase, and Spire to issue and deliver, on March 1, 2024, for a price of fifty dollars in cash, a variable number of shares of its common stock as follows (subject to anti-dilution adjustments).
If the applicable market value* per share of Spire common stock is: |  | Number of shares to be purchased per stock purchase contract is:
Equal to or greater than $78.6906 (“threshold appreciation price”) |  | 0.6354 (“minimum settlement rate”)
Less than $78.6906, but greater than $64.24 |  | $50.00 ÷ applicable market value*
Less than or equal to $64.24 (“reference price”) |  | 0.7783 (“maximum settlement rate”)
*Based on the volume-weighted average price of Spire common stock during the 20 trading days before settlement. If a holder elects to settle purchase contracts early, the holder would pay fifty dollars per unit and receive 0.6354 shares per unit. The Company will make quarterly interest payments on the RSNs at the rate of 0.75% per year and quarterly contract adjustment payments on the stock purchase contracts at the rate of 6.75%. The RSNs and the contract adjustment payments are structurally subordinated to all liabilities of Spire’s subsidiaries. The Company has recorded the $35.0 present value of the stock purchase contract payments as a liability (reflected in “Other” current and noncurrent liabilities on the balance sheet) offset by a charge to additional paid-in capital in equity. This noncash financing activity has been excluded from the statement of cash flows. Interest payments on the RSNs are recorded as interest expense and stock purchase contract payments are charged against the liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense. In calculating diluted EPS, the Company applies the treasury stock method to the Corporate Units. These securities have not had an effect on diluted EPS. In order to secure funds necessary for the holders to pay the purchase price of the common stock on the purchase contract settlement date, the remarketing agent will remarket the RSNs on behalf of the current holders to new third-party investors. Following any successful remarketing of the RSNs, the interest rate on the RSNs will be reset, interest will be payable on a semi-annual basis, and Spire will cease to have the option to redeem the RSNs, other than in connection with the occurrence or continuance of certain special events.

X
- Definition Debt and equity units disclosure. + References No definition available. + Details
Name: | sr_DebtAndEquityUnitsDisclosureTextBlock
Namespace Prefix: | sr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration