Allete Prices Underwritten Public Offering Of 3.20 Mln Shares At $63.00/shr

(RTTNews) - Allete Inc. (ALE) said that it has priced an underwritten public offering of 3.20 million shares of its common stock at $63.00 per share. The size of the common stock offering was increased from the previously announced 2.95 million shares.

The underwriters have been granted an option to purchase up to an additional 480,000 shares of the Company's common stock. The offering is expected to close on April 5, 2022, subject to customary closing conditions.

The company plans to use the net proceeds from this offering for corporate purposes, including, without limitation, the payment of the purchase price for the acquisition of New Energy Equity as well as capital investments.