MDU RESOURCES GROUP INC
For the period ended Mar 31, 2025. Filed May 8, 2025.
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Mar 31, 2025 · Filed May 8, 2025
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. Debt
Note 12 -Debt
Certain debt instruments of the Company and its subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the respective 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, 2025. 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.
Long-term Debt Outstanding Long-term debt outstanding was as follows:
| WeightedAverageInterestRate atMarch 31, 2025 | March 31, 2025 | March 31, 2024 | December 31, 2024 | |
|---|---|---|---|---|
| (In thousands) | ||||
| Senior Notes due on dates ranging from August 23, 2025 to June 15, 2062 | 4.57% | $1,947,000 | $1,882,000 | $1,947,000 |
| Credit agreements due on June 20, 2029 | 6.65% | 104,900 | 120,700 | 169,700 |
| Term Loan Agreements due on dates ranging from September 3, 2032 to April 1, 2039 | 4.43% | 61,600 | 64,300 | 65,600 |
| Commercial paper supported by revolving credit agreement | 4.69% | 51,100 | 158,800 | 81,400 |
| 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% | 342 | 357 | 346 |
| Less unamortized debt issuance costs | 6,266 | 6,760 | 6,436 | |
| Total long-term debt | 2,193,676 | 2,254,397 | 2,292,610 | |
| Less current maturities | 161,700 | 60,700 | 161,700 | |
| Net long-term debt | $2,031,976 | $2,193,697 | $2,130,910 | |
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