Spire Inc. Enters $400M Delayed Draw Term Loan Facility

What Happened
Spire Inc. announced on August 31, 2026 (filed September 1, 2026) that it entered into a Delayed Draw Term Loan Agreement providing up to $400 million of delayed draw senior unsecured term loan commitments. The agreement is with a bank group led by Mizuho Bank, Ltd. and U.S. Bank National Association and may be used for general corporate purposes.

Key Details

• Total commitments: $400 million in delayed draw senior unsecured term loans.
• Availability: Up to four borrowings during the availability period ending on the earlier of (i) full utilization, (ii) the fourth borrowing, or (iii) December 31, 2026.
• Interest & maturity: Borrowings bear interest at the company’s election of either a base rate or Adjusted Term SOFR plus a margin of 0.80% per year; facility matures 364 days after the agreement’s effective date.
• Covenants & defaults: Includes customary reps, covenants and events of default, including a covenant to maintain a consolidated capitalization ratio of no more than 70% at each fiscal quarter end.

Why It Matters
This facility provides Spire with near-term liquidity and financing flexibility for general corporate needs. The unsecured nature and short-term maturity (364 days) suggest the company is securing bridge-style funding rather than long-term debt. Investors should note the leverage covenant (70% consolidated capitalization) and standard default provisions, which could limit financial flexibility if leverage rises or trigger acceleration under certain events.