Otter Tail To Take On Unspecified Debt In Offering
FARGO, N.D. (AP) ¿ Power producer and manufacturer Otter Tail Corp. said Monday it will borrow an unspecified sum in a public offering.
The notes will be senior unsecured obligations and the principal amount, maturity and interest rate will be determined when the notes are sold.
The Fergus Falls, Minn., company said it will use the net proceeds to reduce debt under its revolving credit and for general corporate purposes.
Shares fell 49 cents, or 2 percent, to $22.62 in afternoon trading.
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