RAPID CITY, S.D. - May 29, 2014 - Black Hills Corp. (NYSE: BKH) today announced
that it amended and extended its $500 million, unsecured revolving credit
facility that is used to fund working capital needs and for general corporate
purposes. The amended facility has a five-year term expiring May 29, 2019, and
can be increased to $750 million under certain conditions. The cost of borrowing
under the new facility is based on the company's credit rating and is currently
at a spread of 112.5 basis points over LIBOR. Current borrowings under the
amended facility are $112 million with an additional $21 million of letters of
credit issued.
"Our improved financial condition and favorable interest rate environment
allowed us to lower our borrowing costs under the credit facility and to extend
the term," said Tony Cleberg, executive vice president and chief financial
officer of Black Hills Corp. "We are pleased with the strong support from our
bank group and their continued confidence in Black Hills. The credit facility
provides ample liquidity during the next several years in support of our growth
initiatives."
U.S. Bank N.A. is the administrative agent for the Black Hills revolving credit
facility. U.S. Bank N.A., The Bank of Nova Scotia and Union Bank, N.A. are the
co-lead arrangers and co-book runners.
ABOUT BLACK HILLS CORP.
Black Hills Corp. (NYSE: BKH) is a growth-oriented, vertically-integrated energy
company with a tradition of exemplary service and a vision to be the energy
partner of choice. Based in Rapid City, S.D., the company serves 777,000 natural
gas and electric utility customers in Colorado, Iowa, Kansas, Montana, Nebraska,
South Dakota and Wyoming. The company generates wholesale electricity and
produces natural gas, oil and coal. Black Hills Corp.'s 1,948 employees partner
to produce results that are improving life with energy. More information is
available at www.blackhillscorp.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
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, including statements that the credit facility provides ample
liquidity during the next several years in support of our growth initiatives,
are forward-looking statements. 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, including the factors
discussed above, the risk factors described in Item 1A of Part I of our 2013
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.
Investor Relations:
Jerome E. Nichols 605-721-1171
Media Contact:
24-hour Media Assistance 866-243-9002
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Black Hills Corporation is a customer-focused, growth-oriented utility company. The Company serves 1.33 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The Company has two segments. The Electric Utilities segment generates, transmits and distributes electricity to approximately 222,000 electric utility customers in Colorado, Montana, South Dakota and Wyoming. Its Electric Utilities own 1,394 megawatts of generation and 9,106 miles of electric transmission and distribution lines. Its Gas Utilities segment serves approximately 1,116,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska and Wyoming. Its Gas Utilities own and operate approximately 4663 miles of intrastate gas transmission pipelines and 42,514 miles of gas distribution mains and service lines, seven natural gas storage sites, more than 50,000 horsepower of compression and 516 miles of gathering lines.
BLACK HILLS CORPORATION 
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