<SEC-DOCUMENT>0001104659-21-108608.txt : 20210823
<SEC-HEADER>0001104659-21-108608.hdr.sgml : 20210823
<ACCEPTANCE-DATETIME>20210823165814
ACCESSION NUMBER:		0001104659-21-108608
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210823
DATE AS OF CHANGE:		20210823

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACK HILLS CORP /SD/
		CENTRAL INDEX KEY:			0001130464
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				460458824
		STATE OF INCORPORATION:			SD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-240320
		FILM NUMBER:		211197570

	BUSINESS ADDRESS:	
		STREET 1:		7001 MT RUSHMORE RD
		STREET 2:		PO BOX 1400
		CITY:			RAPID CITY
		STATE:			SD
		ZIP:			57709
		BUSINESS PHONE:		6057212343

	MAIL ADDRESS:	
		STREET 1:		7001 MT RUSHMORE RD
		STREET 2:		PO BOX 1400
		CITY:			RAPID
		STATE:			SD
		ZIP:			57709

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACK HILLS HOLDING CORP
		DATE OF NAME CHANGE:	20001222

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACK HILLS CORP /SD/
		CENTRAL INDEX KEY:			0001130464
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				460458824
		STATE OF INCORPORATION:			SD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		7001 MT RUSHMORE RD
		STREET 2:		PO BOX 1400
		CITY:			RAPID CITY
		STATE:			SD
		ZIP:			57709
		BUSINESS PHONE:		6057212343

	MAIL ADDRESS:	
		STREET 1:		7001 MT RUSHMORE RD
		STREET 2:		PO BOX 1400
		CITY:			RAPID
		STATE:			SD
		ZIP:			57709

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACK HILLS HOLDING CORP
		DATE OF NAME CHANGE:	20001222
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2125215d2_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">Filed Pursuant to Rule&nbsp;433<BR>
Registration No.&nbsp;333-240320</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">Pricing Term Sheet<BR>
August&nbsp;23, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Black Hills Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>This communication should be read in conjunction
with the preliminary prospectus supplement dated August&nbsp;23, 2021 and the accompanying base prospectus. The information in this communication
supersedes the information in the preliminary prospectus supplement and the accompanying base prospectus to the extent inconsistent with
the information in the preliminary prospectus supplement and the accompanying base prospectus. In all other respects, this communication
is qualified in its entirety by reference to the preliminary prospectus supplement and the accompanying base prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$600,000,000 1.037% Notes due 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><B>Issuer: </B></TD>
    <TD STYLE="width: 50%">Black Hills Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Expected ratings (outlook)*: </B></TD>
    <TD>S&amp;P: BBB+ (stable) / Moody&rsquo;s: Baa2 (stable) / Fitch: BBB+ (stable) </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Title of securities: </B></TD>
    <TD>1.037% Notes due 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Ranking: </B></TD>
    <TD>Senior Unsecured</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Aggregate principal amount offered: </B></TD>
    <TD>$600,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Trade date: </B></TD>
    <TD>August&nbsp;23, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Settlement date (T+3)**: </B></TD>
    <TD>August&nbsp;26, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Interest payment dates: </B></TD>
    <TD>February&nbsp;23 and August&nbsp;23 of each year, commencing February&nbsp;23, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Record dates:</B></TD>
    <TD>February&nbsp;8 and August&nbsp;8 of each year</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Stated maturity date: </B></TD>
    <TD>August&nbsp;23, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Initial price to public: </B></TD>
    <TD>100.000% of principal amount</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Annual interest rate: </B></TD>
    <TD>1.037% per annum</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Benchmark Treasury: </B></TD>
    <TD>0.375<FONT STYLE="text-transform: uppercase">% </FONT>due August&nbsp;15, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Benchmark Treasury Price / Yield: </B></TD>
    <TD>99-26&frac18; <FONT STYLE="text-transform: uppercase">/ </FONT>0.437<FONT STYLE="text-transform: uppercase">%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Spread to Benchmark Treasury:</B></TD>
    <TD>+60 bps </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Yield to maturity: </B></TD>
    <TD>1.037%</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><B>Optional Redemption:</B></TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 50%"><B>Make-whole call: </B></TD>
    <TD STYLE="width: 50%">Callable at the greater of par and the make-whole (Treasury Rate plus 10 bps) at any time before </TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"> February&nbsp;23, 2022, as described under the heading &ldquo;Description of the Notes&mdash;Redemption&rdquo; in the preliminary prospectus supplement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><B>Par call: </B></TD>
    <TD>Callable at par at any time on or after February&nbsp;23, 2022, as described under the heading &ldquo;Description of the Notes&mdash;Redemption&rdquo; in the preliminary prospectus supplement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>CUSIP / ISIN:</B></TD>
    <TD>092113AU3&nbsp;&nbsp;/ US092113AU39</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Joint Book-Running Managers: </B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities,&nbsp;LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Co-Managers:</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scotia Capital (USA) Inc.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* These securities ratings have been provided by S&amp;P, Moody&rsquo;s
and Fitch, respectively. None of these ratings is a recommendation to buy, sell or hold these securities. Each rating may be subject to
revision or withdrawal at any time, and should be evaluated independently of any other rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** It is expected that delivery of the notes will be made against payment
thereof on or about August&nbsp;26, 2021, which will be the third business day following the date of the pricing of the notes (such settlement
being referred to as &ldquo;T+3&rdquo;). Under Rule&nbsp;15c6-1 under the Exchange Act, trades in the secondary market are generally required
to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade
notes prior to the second business day before the settlement date will be required, by virtue of the fact that the notes will initially
settle in T+3, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The issuer has filed a registration statement (including a prospectus
and related preliminary prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you
should read the prospectus and preliminary prospectus supplement in that registration statement and other documents the issuer has filed
with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR
on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange
to send you the prospectus if you request it by calling U.S. Bancorp Investments,&nbsp;Inc. toll-free at 1-877-558-2607, BMO Capital Markets
Corp. toll-free at 1-800-414-3627, or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY&nbsp;APPEAR BELOW ARE
NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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