NiSource Inc. has completed a significant transaction, resulting in a 1.1% increase in its stock price, which is now trading at $26.83 per share.
The company announced the completion of the issuance of a 19.9% indirect equity interest in its subsidiary, Northern Indiana Public Service Company LLC (NIPSCO), to an affiliate of Blackstone Infrastructure Partners. This transaction involved Blackstone Infrastructure Partners acquiring the non-controlling equity interest in NIPSCO for $2.16 billion, with an additional commitment of $250 million to fund ongoing capital requirements.
Lloyd Yates, President and CEO of NiSource, expressed enthusiasm about the long-term partnership with Blackstone, highlighting the strengthening of NiSource's balance sheet and the support for its financing plan. He emphasized the company's commitment to Indiana and its dedication to driving sustainable growth for stakeholders.
Sebastien Sherman, Senior Managing Director at Blackstone Infrastructure, also conveyed excitement about the investment, emphasizing Blackstone's commitment to decarbonization and creating value for investors. He expressed a desire to facilitate the reindustrialization of the Midwest and support NIPSCO's role in the community.
NIPSCO, Indiana's largest vertically integrated electric and gas distribution company, has been actively transitioning from coal-fired electricity, with a goal to achieve a 0% coal-fired generation mix by 2028. The company intends to make significant investments in renewable generation, electric transmission, and distribution systems to deliver reliable, diverse, and sustainable energy.
The completion of this transaction marks a significant milestone for NiSource and NIPSCO, as they look forward to the long-term partnership with Blackstone Infrastructure Partners.
For more details, the company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $4,991 | $5,053 | $4,473 | $4,731 | $5,739 | $5,650 |
| Revenue Growth | n/a | 1.25% | -11.48% | 5.77% | 21.29% | -1.55% |
| Operating Margins | 2% | 18% | 12% | 21% | 22% | 23% |
| Net Margins | -1% | 8% | 0% | 12% | 14% | 13% |
| Net Income (MM) | -$51 | $383 | -$18 | $585 | $804 | $721 |
| Net Interest Expense (MM) | $353 | $379 | $371 | $341 | $362 | $450 |
| Depreciation & Amort. (MM) | $600 | $717 | $726 | $748 | $821 | $867 |
| Earnings Per Share | -$0.18 | $0.87 | -$0.19 | $1.27 | $1.7 | $1.49 |
| EPS Growth | n/a | 583.33% | -121.84% | 768.42% | 33.86% | -12.35% |
| Diluted Shares (MM) | 356 | 376 | 384 | 417 | 443 | 448 |
| Free Cash Flow (MM) | -$1,278 | -$219 | -$654 | -$620 | -$794 | -$657 |
| Capital Expenditures (MM) | $1,818 | $1,802 | $1,758 | $1,838 | $2,203 | $2,566 |
| Current Ratio | 0.51 | 0.49 | 0.73 | 0.7 | 0.55 | 0.41 |
| Total Debt (MM) | $7,155 | $7,870 | $9,243 | $9,242 | $9,554 | $11,011 |
| Net Debt / EBITDA | 9.72 | 4.81 | 7.15 | 5.22 | 4.56 | 5.06 |
