Black Hills Corp. Prices $100 Million Equity Issuance

RAPID CITY, S.D., Feb. 24, 2020 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced it has entered into a definitive agreement to sell 1,222,942 shares of its common stock at $81.77 per share for aggregate gross proceeds of approximately $100 million, in an underwritten registered transaction.

BMO Capital Markets will act as sole book-runner for the offering.

The transaction is expected to close on or about Feb. 27, 2020, subject to the satisfaction of customary closing conditions. Net proceeds from this transaction will be used for working capital and general corporate purposes, including funding the company’s capital expenditures program and repayment of outstanding short-term debt.

The offering was made only by means of a prospectus supplement relating to the offering and accompanying base prospectus previously filed with the Securities and Exchange Commission, copies of which may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov or, upon request, from BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, 25^th Floor, New York, NY 10036, or by telephone at 800-414-3627 or by email at [e-mail].

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.28 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.

Investor Relations
Jerome E. Nichols
605-721-1171
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Caution Regarding Forward Looking Statement
This news release includes “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward looking statements. This includes our expectations about the timing and completion of the transaction described in this news release. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, the risk factors described in Item 1A of Part I of our 2019 Annual Report on Form 10-K filed with the SEC, and other reports that we file with the SEC from time to time.

New factors that could cause actual results to differ materially from those described in forward looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.