Black Hills Corp. Closes $100 Million Equity Issuance and Reaffirms Guidance Range

RAPID CITY, S.D., Feb. 27, 2020 (GLOBE NEWSWIRE) — Black Hills Corp. (NYSE: BKH) today announced the closing of its previously announced $100 million equity issuance. The company issued 1,222,942 shares of its common stock to a single investor through an underwritten registered transaction.

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.

Black Hills also announced that senior executives from the company will be meeting with investors during the month of March at conferences and at investor offices. Updated investor materials will be available on the company’s website at www.blackhillscorp.com after the market closes on Friday, Feb. 28.

The company expects to discuss recent events, including the completed equity issuance and earnings guidance for 2020, with investors. Black Hills is reaffirming its 2020 earnings guidance range of $3.55 to $3.75 per share available for common stock, as adjusted, based on its latest guidance assumptions dated Feb. 6.

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 1.3 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
[email protected]

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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, without limitations, our 2020 earnings guidance. 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.