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Financing
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Financing
(5)
Financing

 

Short-term Debt

 

Revolving Credit Facility and CP Program

 

On June 6, 2025, with approval from our lenders, we utilized one of our two available one-year extension options under the amended and restated Revolving Credit Facility, thereby extending its maturity date to May 31, 2030.

 

Our Revolving Credit Facility and CP Program, which are classified as Notes payable on the Consolidated Balance Sheets, had the following borrowings, outstanding letters of credit, and available capacity as of:

 

 

September 30, 2025

 

December 31, 2024

 

 

(dollars in millions)

 

Amount outstanding

$

126.0

 

$

133.8

 

Letters of credit (a)

 

3.1

 

 

3.5

 

Available capacity

 

620.9

 

 

612.7

 

Weighted average interest rates

 

4.26

%

 

4.74

%

 

(a)
Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.

 

Revolving Credit Facility and CP Program borrowing activity was as follows:

 

 

Nine Months Ended September 30,

 

 

2025

 

2024

 

 

(dollars in millions)

 

Maximum amount outstanding (based on daily outstanding balances)

$

263.6

 

$

25.8

 

Average amount outstanding (based on daily outstanding balances)

 

115.9

 

 

0.6

 

Weighted average interest rates

 

4.55

%

 

5.15

%

 

Long-term Debt


On October 2, 2025, we completed a public debt offering of $450 million, 4.55% senior unsecured notes due January 31, 2031. Proceeds from the offering, which were reduced by $4.0 million of deferred financing costs, will be used to repay all $300 million principal amount outstanding of our 3.95% senior unsecured notes at or before their January 15, 2026, maturity date and for other general corporate purposes.

 

Financial Covenants

 

Revolving Credit Facility

 

We were in compliance with all of our Revolving Credit Facility covenants as of September 30, 2025. We are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. Subject to applicable cure periods, a violation of this covenant would constitute an event of default that entitles the lenders to terminate their remaining commitments and accelerate all principal and interest outstanding. As of September 30, 2025, our Consolidated Indebtedness to Capitalization Ratio was 0.54 to 1.00.

 

Wyoming Electric

 

Wyoming Electric was in compliance with all covenants within its financing agreements as of September 30, 2025. Wyoming Electric is required to maintain a debt to capitalization ratio of no more than 0.60 to 1.00. As of September 30, 2025, Wyoming Electric's debt to capitalization ratio was 0.50 to 1.00.

 

Equity

 

ATM

 

On May 8, 2025, we entered into a First Amendment to our Equity Distribution Sales Agreement (the “First Amendment”). The First Amendment, among other things, provides for the continuation of the ATM, which allows us to sell shares of common stock under the Company's shelf registration statement (Registration No. 333-272739), and resets the size of the ATM to $400 million. The First Amendment aggregate gross sales price limitation of $400 million supersedes and replaces the aggregate gross sales price limitation provided in our Equity Distribution Sales Agreement. Except as modified by the First Amendment, our Equity Distribution Sales Agreement remains in full force and effect.

 

ATM activity was as follows:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2025

 

2024

 

2025

 

2024

 

June 16, 2023 ATM Program

(in millions, except Average price per share amounts)

 

Proceeds, (net of issuance costs of $0.0, $(1.1), $(0.5), and $(1.8), respectively)

$

—

 

$

108.6

 

$

45.7

 

$

181.6

 

Number of shares issued

 

—

 

 

1.9

 

 

0.8

 

 

3.3

 

 

 

 

 

 

 

 

 

May 8, 2025 ATM Program

 

 

 

 

 

 

 

 

Proceeds, (net of issuance costs of $(1.3), $0.0, $(1.5), and $0.0, respectively)

$

154.3

 

$

—

 

$

173.9

 

$

—

 

Number of shares issued

 

2.6

 

 

—

 

 

2.9

 

 

—

 

 

 

 

 

 

 

 

 

Total activity under both ATM Programs

 

 

 

 

 

 

 

 

Proceeds, (net of issuance costs of $(1.3), $(1.1), $(2.0), and $(1.8), respectively)

$

154.3

 

$

108.6

 

$

219.6

 

$

181.6

 

Number of shares issued

 

2.6

 

 

1.9

 

 

3.7

 

 

3.3

 

Average price per share

$

59.47

 

$

56.84

 

$

59.56

 

$

55.63