PR Newswire·Dec 3, 2025, 4:57 PM ET

MDU Resources Announces Public Offering of $200 Million of Shares of Common Stock with a Forward Component

MDU Resources Group, Inc. announced the commencement of an underwritten public offering of $200 million in common stock shares.
Wells Fargo Securities, BofA Securities, & J.P. Morgan are acting as joint lead bookrunners & representatives for the underwriters.
MDU Resources intends to grant underwriters an option to purchase up to $30 million of additional shares.
The company plans to enter into forward sale agreements with Wells Fargo Bank, Bank of America, & JPMorgan Chase to sell approximately $200 million of shares.
Settlement of the forward sale agreements is expected to occur no later than 24 months after the offering's completion.
MDU Resources will not initially receive proceeds from the sale of shares by forward sellers to underwriters.
Net proceeds from physical settlement are expected to be used for general corporate purposes, including debt repayment, capital expenditures, acquisitions, & working capital.
A specific acquisition mentioned is the payment in 2026 for a 49% undivided ownership interest in the Badger Wind Farm project.
The offering is being made pursuant to an effective shelf registration statement filed with the SEC.
The press release includes a cautionary note regarding forward-looking statements & risks detailed in the company's SEC filings.