NiSource issues $1B junior subordinated notes maturing 2056

Rhea-AI Filing Summary

NiSource Inc. completed an underwritten offering and sale of $1,000,000,000 of 5.750% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056. The transaction closed on November 7, 2025, under the company’s S-3 shelf.

The Notes pay interest semi-annually on January 15 and July 15, starting July 15, 2026. The rate is 5.750% per annum to, but excluding, July 15, 2031, then resets every five years to the Five-year U.S. Treasury Rate plus 2.035%, with a floor of 5.750%. Maturity is July 15, 2056. NiSource may redeem some or all Notes during specified periods and upon certain ratings or tax events, as described in the prospectus supplement.

Subject to no event of default, NiSource may defer interest for up to 20 consecutive semi-annual periods; during any deferral, it is restricted from dividends or other payments on capital stock and from certain payments on pari passu or junior indebtedness. Net proceeds are intended for general corporate purposes, including capital expenditures, working capital, and repayment of existing indebtedness.

Insights

Corporate finance analyst

$1B junior subordinated notes add long-dated capital at 5.750%.

NiSource issued $1,000,000,000 of junior subordinated notes bearing 5.750% until July 15, 2031, then resetting every five years to the Five-year U.S. Treasury Rate plus 2.035%, with a 5.750% floor. Interest is paid semi-annually beginning July 15, 2026; final maturity is July 15, 2056.

The notes permit optional redemption in specified periods and upon certain ratings or tax events. They also permit interest deferral for up to 20 consecutive semi-annual periods; during deferral, dividend payments and certain payments on equal or junior indebtedness are restricted.

Proceeds are designated for general corporate purposes, including capital expenditures, working capital, and repayment of existing indebtedness. Actual impact depends on future rate resets and any use of the deferral feature.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 7, 2025

NiSource Inc.

(Exact Name of Registrant as Specified in Charter)

DE		001-16189		35-2108964
(State or other jurisdiction of incorporation)		(Commission file number)		(I.R.S. Employer Identification No.)

801 East 86th Avenue Merrillville, Indiana		46410
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (877) 647-5990

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share		NI		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

5.750% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056

On November 3, 2025, NiSource Inc. (the “Company”) and Barclays Capital Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and MUFG Securities Americas Inc., as lead underwriters, entered into a Terms Agreement (the “Terms Agreement”) with respect to the offering and sale of $1,000,000,000 aggregate principal amount of the Company’s 5.750% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 (the “Notes”) under the Company’s Registration Statement on Form S-3 (File No. 333-291167) (the “Registration Statement”). The sale closed on November 7, 2025.

Interest on the Notes accrues from and including November 7, 2025 and is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2026. The Notes bear interest (i) from and including November 7, 2025 to, but excluding, July 15, 2031 (the “First Reset Date”) at the rate of 5.750% per annum and (ii) from and including the First Reset Date, during each reset period at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined in the prospectus supplement described below) as of the most recent reset interest determination date plus a spread of 2.035%, to be reset on each reset date; provided that the interest rate during any reset period will not reset below 5.750% per annum.

The Notes mature on July 15, 2056. The Company, at its option, may redeem some or all of the Notes during specified periods, and upon the occurrence of certain ratings or tax events, all as described in the prospectus supplement.

In accordance with the terms of the Notes, so long as no event of default (as defined in the prospectus supplement) with respect to the Notes has occurred and is continuing, the Company may, at its option, defer interest payments on the Notes, from time to time, for one or more deferral periods of up to 20 consecutive semi-annual interest payment periods each. During any such period during which such payments are deferred, the Company will not (with certain exceptions as described in the prospectus supplement): (1) declare or pay any dividends or distributions on any Capital Stock (as defined in the prospectus supplement), including the common stock, of the Company; (2) redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of the Company; (3) pay any principal, interest or premium on, or repay, repurchase or redeem, any indebtedness of the Company that ranks equally with or junior to the Notes in right of payment; or (4) make any payments with respect to any guarantees by the Company of any indebtedness if such guarantees rank equally with or junior to the Notes in right of payment.

The Notes were issued pursuant to a Subordinated Indenture, dated as of May 16, 2024, between the Company and The Bank of New York Mellon, as supplemented by the Third Supplemental Indenture thereto, dated as of November 7, 2025 (the “Third Supplemental Indenture”). The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes, including to finance capital expenditures, for working capital and to repay existing indebtedness. Further information concerning the Notes and related matters is set forth in the Company’s prospectus supplement dated November 3, 2025, which was filed with the Securities and Exchange Commission on November 4, 2025.

The preceding is a summary of the terms of the Notes and is qualified in its entirety by reference to the Third Supplemental Indenture attached hereto as Exhibit 4.1 and the form of the Notes attached hereto as Exhibit 4.2, each of which is incorporated herein by reference as though it was fully set forth herein.

The Company is filing Exhibits 5.1 and 8.1 with this Current Report on Form 8-K in connection with the Registration Statement and the prospectus supplement.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
4.1		Third Supplemental Indenture, dated as of November 7, 2025, between NiSource Inc. and The Bank of New York Mellon, as trustee
4.2		Form of 5.750% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 (included in Exhibit 4.1 hereto)
5.1		Opinion of McGuireWoods LLP regarding validity of the Notes

8.1		Opinion of McGuireWoods LLP regarding certain tax matters related to the Notes
23.1		Consent of McGuireWoods LLP (included in Exhibit 5.1)
23.2		Consent of McGuireWoods LLP (included in Exhibit 8.1)
104		Cover page Interactive Data File (embedded within the Inline XBRL document)

Cautionary Statement Concerning Forward-Looking Statements

This current report on Form 8-K contains forward-looking statements that are not historical facts, including statements about the anticipated use of proceeds from the sale of the Notes. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and its subsequent filings with the SEC, which are available on the Company’s website at www.nisource.com and on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				NiSource Inc.
				(Registrant)
Date: November 7, 2025				By:		/s/ Shawn Anderson
				Shawn Anderson
				Executive Vice President and Chief Financial Officer

FAQ

What did NiSource (NI) issue in this transaction?

NiSource issued $1,000,000,000 of 5.750% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056.

How is the interest rate on NiSource’s new notes structured?

The notes pay 5.750% to, but excluding, July 15, 2031, then reset every five years to the Five-year U.S. Treasury Rate plus 2.035%, with a 5.750% floor.

When are interest payments made on the NI notes?

Interest is payable semi-annually on January 15 and July 15, beginning July 15, 2026.

When do the NiSource notes mature?

The notes mature on July 15, 2056.

Can NiSource defer interest on these notes?

Yes. If no event of default exists, NiSource may defer interest for up to 20 consecutive semi-annual periods; during deferral, dividend and certain debt payments are restricted.

What will NiSource use the proceeds for?

Net proceeds are intended for general corporate purposes, including capital expenditures, working capital, and repayment of existing indebtedness.

Who led the underwriting for the NI notes offering?

Lead underwriters were Barclays, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, and MUFG Securities Americas Inc.