FARGO, N.D., Nov. 30, 2009 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) announced today that it intends to offer a new series of notes in an underwritten registered public offering. The notes will be senior unsecured obligations of Otter Tail Corporation. The aggregate principal amount, maturity and interest rate of the notes will be determined at the time the notes are sold to investors. The offering will be made pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission.
Otter Tail Corporation intends to use the net proceeds of the offering to reduce borrowings under its revolving credit facility and for general corporate purposes.
A copy of the prospectus supplement and accompanying prospectus for this offering may be obtained, when available, by contacting Banc of America Securities LLC, 100 West 33rd Street, 3rd Floor, New York, NY 10001, Toll-Free: 1-800-294-1322, Attention: Prospectus Department or J.P. Morgan Securities Inc., 270 Park Avenue, High Grade Syndicate Desk, 8th Floor, New York, NY 10017, Telephone: 212-834-4533.
This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell with respect to any securities. The offering is being made only by means of the prospectus supplement and the prospectus relating to the notes. The offering is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.
The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
About The Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility, manufacturing, health services, food ingredient processing and infrastructure businesses which include plastics, construction and transportation. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
Forward-looking Statements
Except for historical information, all other information provided in this release consists of "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. The most significant of these risks and uncertainties are discussed or identified in Otter Tail Corporation's public filings made with the Securities and Exchange Commission. Otter Tail Corporation undertakes no obligation to publicly update or revise any forward-looking statements.