- **Madison Gas and Electric Company (MGE)** entered into a Note Purchase Agreement on **October 14, 2025**, for the issuance of **$50 million** in aggregate principal amount of senior notes.  **[1161728_0001193125-25-240982_mgee-ex4_1.htm:0]** **[1161728_0001193125-25-240982_mgee-20251014.htm:2]** **[1161728_0001193125-25-240982_mgee-ex4_1.htm:3]** 
- The issuance includes **$25 million** of **5.12% Senior Notes, Series A, due November 15, 2036**, and **$25 million** of **5.76% Senior Notes, Series B, due November 15, 2055**, with the closing scheduled for **November 13, 2025**.  **[1161728_0001193125-25-240982_mgee-ex4_1.htm:0]** **[1161728_0001193125-25-240982_mgee-20251014.htm:2]** **[1161728_0001193125-25-240982_mgee-ex4_1.htm:3]** **[1161728_0001193125-25-240982_mgee-ex4_1.htm:4]** 
- These **unsecured** notes are intended to fund **capital expenditures and other corporate obligations**.  **[1161728_0001193125-25-240982_mgee-20251014.htm:2]** 
- MGE is required to maintain a ratio of its consolidated indebtedness to consolidated total capitalization **not to exceed 65%** and is restricted from issuing "Priority Debt" exceeding **20% of its consolidated assets**.  **[1161728_0001193125-25-240982_mgee-20251014.htm:2]** **[1161728_0001193125-25-240982_mgee-20251014.htm:3]** **[1161728_0001193125-25-240982_mgee-ex4_1.htm:54]**

MGE ENERGY (MGEE)