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Spire Missouri Inc., a wholly owned subsidiary of Spire Inc. (NYSE:SR), announced Thursday it has entered into a bond purchase agreement with institutional investors to issue $200 million in first mortgage bonds. The new issuance adds to the company’s existing debt burden of $4.9 billion, as reported in recent financial statements. According to InvestingPro data, the company’s current ratio of 0.37 indicates tight liquidity conditions, with short-term obligations exceeding liquid assets. The information is based on a statement in a recent SEC filing.
The private placement, which is exempt from registration under the Securities Act of 1933, consists of $150 million in 4.60% series bonds due September 15, 2030, and $50 million in 4.65% series bonds due January 15, 2031. Interest on both series will be paid semi-annually on March 15 and September 15.
The bonds are secured by Spire Missouri’s existing mortgage and deed of trust, originally dated February 1, 1945, with Regions Bank serving as trustee. The new issuance is governed by a supplemental indenture dated October 23, 2025, and will rank equally with all other first mortgage bonds under the same mortgage.
Proceeds from the sale will be used for general corporate purposes, according to the company’s statement.
The bond agreements include provisions that limit certain types of liens and restrict dividend and other payments. They also outline standard events of default, such as payment or covenant defaults and certain bankruptcy events. In the event of a completed default, the trustee may accelerate the maturity of the bonds if directed by the majority of bondholders.
Spire Missouri has the option to redeem all or part of the bonds at 100% of principal plus a make-whole amount, calculated as the excess of the discounted value of remaining scheduled payments over the principal, using a discount rate 0.50% above the yield of comparable U.S. Treasury securities. The 2030 bonds may be redeemed at par beginning September 15, 2030, and the 2031 bonds at par beginning January 15, 2031, or at any time if substantially all property subject to the mortgage is taken by eminent domain or sold to a government entity.
Spire Inc.’s common stock and depositary shares are listed on the New York Stock Exchange under the symbols NYSE:SR and NYSE:SR.PRA, respectively.
In other recent news, Spire Missouri Inc., a subsidiary of Spire Inc., has entered into a bond purchase agreement to issue $200 million in first mortgage bonds through a private placement. The bonds include $150 million in 4.60% Series bonds due in 2030 and $50 million in 4.65% Series bonds due in 2031, with interest paid semi-annually. Additionally, Spire’s acquisition strategy is gaining attention, as Mizuho raised its price target for the company to $93, citing an improved acquisition outlook. UBS also raised its price target to $95, highlighting expectations of continued execution under a supportive regulatory framework in Missouri and the potential benefits of a Tennessee acquisition. Jefferies initiated coverage on Spire with a Buy rating and a $92 price target, projecting a 7.5% EPS CAGR from 2025 to 2030, which surpasses the company’s guidance and consensus estimates. In leadership news, Spire has appointed Steve Greenley as the new executive vice president and chief operating officer, effective October 2025. Greenley will oversee the company’s natural gas utilities and Spire Midstream operations.
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