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MDU Resources Prices Public Offering of 10,152,284 Shares of Common Stock with a Forward Component

MDU
  • MDU Resources Group, Inc. priced an underwritten public offering of 10,152,284 shares of common stock at $19.70 per share.
  • Wells Fargo Securities, BofA Securities, and J.P. Morgan are acting as joint lead bookrunners & representatives, with TD Securities serving as a bookrunner.
  • The underwriters have an option to purchase up to 1,522,842 additional shares in conjunction with the offering.
  • MDU Resources entered into forward sale agreements with Wells Fargo, Bank of America, and JPMorgan to sell the shares to forward purchasers.
  • The offering is expected to close on or about December 5, 2025, subject to customary conditions.
  • MDU Resources will not initially receive proceeds from the sale of shares by forward sellers to underwriters.
  • If physical settlement occurs, net proceeds may be used for general corporate purposes including debt repayment, capital expenditures, acquisitions, working capital, or security repurchases.
  • A specific planned use of proceeds includes payment in 2026 for a 49% ownership interest in the Badger Wind Farm project.
  • Settlement of the forward sale agreements is expected to occur no later than 24 months following the offering completion.
  • The company may elect cash settlement or net share settlement for rights or obligations under the forward sale agreements.
  • The offering is made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission.
  • MDU Resources serves over 1.2 million customers across the Pacific Northwest & Midwest with electric utility, natural gas distribution, and pipeline operations.