Spire Inc. filed a Form 8-K with the SEC on September 1, 2026, disclosing that on August 31, 2026, the company entered into a $400 million Delayed Draw Term Loan Agreement with Mizuho Bank, Ltd. as administrative agent.

Key Highlights

  • Facility size: The agreement provides for an aggregate $400 million of delayed draw senior unsecured term loan commitments.
  • Availability period: The company may request up to four borrowings, with the availability period ending on the earliest of full utilization, the fourth borrowing, or December 31, 2026.
  • Interest rate: Loans bear interest at either a base rate or Adjusted Term SOFR plus an applicable margin of 0.80% per annum, at the company's election.
  • Maturity: The facility matures 364 days after the effective date of the agreement.
  • Capitalization covenant: The company is required to maintain a consolidated capitalization ratio of not more than 70% at the end of each fiscal quarter.
  • Use of proceeds: According to the filing, proceeds may be used for general corporate purposes.

Spire Inc. Details Terms and Lender Syndicate for New Credit Facility

According to the filing, Spire Inc. (NYSE:SR) executed the Delayed Draw Term Loan Agreement on August 31, 2026. The lender group includes Mizuho Bank, Ltd. as administrative agent, joint lead arranger, and joint bookrunner; U.S. Bank National Association as syndication agent, joint lead arranger, and joint bookrunner; Regions Bank and The Toronto-Dominion Bank, New York Branch as co-documentation agents; and Bank of America, N.A. and Commerce Bank as co-managing agents.

The filing discloses that the availability period closes on whichever of three conditions occurs first: full utilization of commitments, the date of the fourth borrowing, or December 31, 2026. The company reported that the DDTL Agreement contains representations and warranties, affirmative and negative covenants, and events of default described as "customary for facilities of this type." These include defaults relating to payment obligations, covenant compliance, bankruptcy and insolvency events, material judgments, certain cross-defaults to other indebtedness, and changes of control.

The filing states that upon the occurrence and continuation of an event of default, the commitments under the facility may be terminated and amounts outstanding may be declared immediately due and payable. The filing also notes that the description of the agreement "does not purport to be complete" and is qualified by reference to the full text filed as Exhibit 10.1. The 8-K was signed by Adam Woodard, Executive Vice President and Chief Financial Officer of Spire Inc.

What Was Disclosed

Spire Inc. disclosed the entry into a $400 million delayed draw senior unsecured term loan agreement dated August 31, 2026, including its lender syndicate, interest rate terms, maturity, borrowing limits, and key financial covenants.