The company plans to use the term loan proceeds to reduce borrowings under its revolving credit facility.
Black Hills executive vice president and chief financial officer Tony Cleberg said this loan captures the benefits of low short-term interest rates that currently exist in the market place and reduces the company’s overall cost of short-term borrowing.
US-based Black Hills serves about 762,000 natural gas and electric utility customers in the US states of Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.
The company’s non-regulated businesses generate wholesale electricity, produce natural gas, oil and coal, and market energy.
