National Fuel Gas Co Announces $1.5B Senior Note Offering

What Happened

• National Fuel Gas Company (NFG) filed an 8-K on June 10, 2026 disclosing the offering and sale of $1.5 billion aggregate principal amount of senior notes: $500 million 4.75% notes due 2029, $500 million 5.05% notes due 2031, and $500 million 5.50% notes due 2036.
• The filing includes the underwriting agreement dated May 27, 2026 (with TD Securities (USA) LLC, Wells Fargo Securities, BofA Securities, and J.P. Morgan Securities acting as representatives) and an Officer’s Certificate dated June 10, 2026 establishing the notes’ terms. Legal opinions from Jones Day and Lowenstein Sandler LLP were also filed as exhibits.

Key Details

• Total size: $1,500,000,000 aggregate principal (three tranches of $500M each).
• Coupon rates and maturities: 4.75% due 2029; 5.05% due 2031; 5.50% due 2036.
• Underwriting agreement dated May 27, 2026; Officer’s Certificate dated June 10, 2026.
• Opinions and consents of Jones Day and Lowenstein Sandler LLP included as exhibits.

Why It Matters

• This transaction establishes $1.5B of fixed‑rate, long‑term debt on NFG’s balance sheet, setting interest costs and extending the company’s debt maturity profile through 2036. Investors should note the added interest expense associated with these coupons and monitor NFG’s leverage, cash flow, and debt servicing capacity. The 8-K documents the formal terms and underwriting arrangements but does not specify use of proceeds.