MDU RESOURCES GROUP INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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. Debt
Index
Note 13 -Debt
Due to the Knife River separation, Centennial repaid all of its outstanding debt in the second quarter of 2023, which was funded by the Knife River repayment and the Company entering into various new debt instruments. Refer to Note 3 for additional information related to the repayment of debt associated with the Knife River separation.
Certain debt instruments of the Company and its subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the debt agreements, the Company and its subsidiaries must be in compliance with the applicable covenants and certain other conditions, all of which the Company and its subsidiaries, as applicable, were in compliance with at March 31, 2024. In the event the Company or its subsidiaries do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued.
Montana-Dakota's commercial paper program is supported by a revolving credit agreement. While the amount of commercial paper outstanding does not reduce available capacity under the revolving credit agreement, Montana-Dakota does not issue commercial paper in an aggregate amount exceeding the available capacity under the credit agreement. The commercial paper and revolving credit agreement borrowings may vary during the period, largely the result of fluctuations in working capital requirements due to the seasonality of certain operations of Montana-Dakota.
Short-term debt
Cascade On January 20, 2023, Cascade entered into a $150.0 million term loan agreement with a SOFR-based variable interest rate and a maturity date of January 19, 2024. On December 5, 2023, Cascade paid down $100.0 million of the outstanding balance. On January 19, 2024, Cascade made the final $50.0 million repayment on the $150.0 million term loan agreement.
Intermountain On January 20, 2023, Intermountain entered into a $125.0 million term loan agreement with a SOFR-based variable interest rate and a maturity date of January 19, 2024. In March, April, and May 2023, Intermountain paid down $20.0 million, $30.0 million, and $30.0 million, respectively, of the outstanding balance. On January 19, 2024, Intermountain made the final $45.0 million repayment on the $125.0 million term loan agreement.
Long-term debt
Long-term Debt Outstanding Long-term debt outstanding was as follows:
| WeightedAverageInterestRate atMarch 31, 2024 | March 31, 2024 | March 31, 2023 | December 31, 2023 | |
|---|---|---|---|---|
| (In thousands) | ||||
| Senior Notes due on dates ranging from July 15, 2024 to June 15, 2062 | 4.46% | $1,882,000 | $1,848,500 | $1,882,000 |
| Term Loan Agreements due on dates ranging from May 31, 2025 to September 3, 2032 | 6.48% | 196,300 | 7,000 | 196,300 |
| Commercial paper supported by revolving credit agreement | 5.72% | 158,800 | 264,540 | 144,200 |
| Credit agreements due on dates ranging from October 13, 2027 to November 30, 2027 | 8.57% | 120,700 | 89,144 | 46,100 |
| Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029 | 7.32% | 35,000 | 35,000 | 35,000 |
| Other notes due on dates ranging from May 31, 2028 to November 30, 2038 | 6.00% | 357 | 991 | 980 |
| Less unamortized debt issuance costs | 6,760 | 5,174 | 6,357 | |
| Less discount | — | 284 | — | |
| Total long-term debt | 2,386,397 | 2,239,717 | 2,298,223 | |
| Less current maturities | 60,700 | 47,819 | 61,319 | |
| Net long-term debt | $2,325,697 | $2,191,898 | $2,236,904 | |
Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs and discount, at March 31, 2024, were as follows:
| Remainder of2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | |
|---|---|---|---|---|---|---|
| (In thousands) | ||||||
| Long-term debt maturities | $60,700 | $347,700 | $140,700 | $141,400 | $234,500 | $1,468,157 |
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