Andrew Weisel

Chris Ellinghaus

Anthony Crowdell

Brian Russo

Christopher Ellinghaus

Julien Dumoulin-Smith

Ross Fowler

- On **October 2, 2025**, Black Hills Corporation issued and sold **$450 million** aggregate principal amount of its **4.550% Notes due 2031**.  **[1130464_0001104659-25-096060_tm2527704d1_8k.htm:3]** 
- The Notes will bear interest at **4.550% per annum**, payable semi-annually beginning **January 31, 2026**, and will mature on **January 31, 2031**.  **[1130464_0001104659-25-096060_tm2527704d1_8k.htm:3]** **[1130464_0001104659-25-096060_tm2527704d1_ex4-1.htm:6]** 
- The company intends to use the net proceeds primarily to **repay $300 million** of its **3.950% notes due January 15, 2026**, with any remaining funds allocated to general corporate purposes, including capital expenditures, acquisitions, or other debt repayment.  **[1130464_0001104659-25-096060_tm2527704d1_8k.htm:3]**

Black Hills Corporation Issues $450 Million in 4.550% Senior Notes Due 2031

- **Black Hills Corporation** entered into an Underwriting Agreement on **September 25, 2025**, for the issuance and sale of **$450 million** aggregate principal amount of its **4.550% Notes due 2031**.  **[1130464_0001104659-25-094481_tm2526501d4_8k.htm:1]** **[1130464_0001104659-25-094481_tm2526501d4_ex1-1.htm:0]** **[1130464_0001104659-25-094481_tm2526501d4_ex1-1.htm:1]** 
- The company expects to receive approximately **$447.0 million** in aggregate gross consideration from the sale of these Notes.  **[1130464_0001104659-25-094481_tm2526501d4_8k.htm:1]** 
- The issuance and settlement of the Notes are scheduled to occur on **October 2, 2025**.  **[1130464_0001104659-25-094481_tm2526501d4_8k.htm:1]** **[1130464_0001104659-25-094481_tm2526501d4_ex1-1.htm:14]**

Black Hills Corporation Announces **$450 Million** Notes Offering

- Black Hills Corporation announced a **pending all-stock merger transaction** with NorthWestern Energy Group, Inc., which was **unanimously approved by both companies' boards of directors on August 18, 2025**.  **[1130464_0001193125-25-203783_bkh-20250915.htm:0]** 
- The Merger Agreement stipulates that each share of NorthWestern common stock will be converted into the right to receive **0.98 shares of Black Hills common stock**, with an estimated merger consideration of approximately **$3.6 billion**.  **[1130464_0001193125-25-203783_bkh-ex99_3.htm:1]** **[1130464_0001193125-25-203783_bkh-ex99_3.htm:6]** 
- The merger is contingent upon various conditions, including **shareholder and regulatory approvals** from state commissions and the Federal Energy Regulatory Commission.  **[1130464_0001193125-25-203783_bkh-20250915.htm:0]** 
- Pro forma combined financial statements for the **six months ended June 30, 2025**, show **revenue of $2,054 million** and **basic and diluted earnings per share of $1.99**.  **[1130464_0001193125-25-203783_bkh-ex99_3.htm:3]**  For the **year ended December 31, 2024**, pro forma revenue was **$3,642 million** and basic and diluted earnings per share were **$3.85**.  **[1130464_0001193125-25-203783_bkh-ex99_3.htm:4]**

BLACK HILLS CORP /SD/ (BKH)