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BKH - Black Hills News Story

$67.23 -1.6  -2.4%

Last Trade - 9:10pm

Large Cap
Market Cap £3.07bn
Enterprise Value £6.21bn
Revenue £1.27bn
Position in Universe 1519th / 6853


Mon 2nd December, 2013 2:15pm 
RAPID CITY, S.D. - Dec. 2, 2013 - Black Hills Corp. (NYSE: BKH) today increased its 2014 earnings
guidance as a result of recently completed financing activity. The 2014 guidance range for
earnings from continuing operations, as adjusted, was increased to $2.50 to $2.70 per share from
the previously announced range of $2.40 to $2.60 per share. The company's 2014 earnings guidance
assumptions initially listed in its third quarter 2013 earnings release remain unchanged.

The recent financing activity included a $525 million, 4.25%, 10 year senior notes offering, the
proceeds of which were used as follows: 

*Called for redemption $250 million of 9.0% senior notes due May 15, 2014. Cash payment for
redemption of the notes and the make whole provision is estimated at $258 million, with closing
expected in Dec. 2013.
*Paid off the Black Hills Wyoming, LLC project debt and settled related interest rate swaps for
approximately $96 million. 
*Settled $250 million notional of de-designated interest rate swaps for approximately $64 million.
These swaps were no longer needed after the recently closed senior notes offering.
*Paid down other corporate borrowings with remaining cash proceeds. 

The company's fourth quarter earnings will reflect a special after-tax charge of approximately
$0.25 per share for the make-whole premium on the call of its 9.0% senior notes due May 15, 2014,
write-off of certain deferred financing charges and settlement of interest rate swaps. These
special items will be excluded from our fourth quarter and total year earnings from continuing
operations, as adjusted. Guidance for 2013 earnings from continuing operations, as adjusted,
remains in the range of $2.28 to $2.40 per share.

In addition, management will meet with equity investors at BMO Capital Markets Utilities &
Pipelines Day on Wednesday, Dec. 4, 2013, in New York City and will present at the J.P. Morgan
SMid Cap Conference in Chicago on Dec. 11, 2013. A copy of the materials for these meetings and
presentations will be available on the Black Hills Corp. website at  under the "Investor Relations" section prior to the meeting dates.
Management will discuss its revised earnings guidance during these meetings and presentations.

Black Hills Corp., a growth-oriented, vertically-integrated energy company with a tradition of
exemplary service and a vision to be the energy partner of choice, is based in Rapid City, S.D.
The company serves 769,000 natural gas and electric utility customers in Colorado, Iowa, Kansas,
Montana, Nebraska, South Dakota and Wyoming. The company generates wholesale electricity, and
produces natural gas, crude oil and coal. Black Hills employees partner to produce results that
improve life with energy. More information is available at . 

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. These include, without limitation, our 2013 and 2014 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, including the factors discussed above, the risk factors described
in Item 1A of Part I of our 2012 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. 
 Investor Relations:                     
 Jerome E. Nichols         605-721-1171  
 Media Contact:                          
 24-hour Media Assistance  866-243-9002  


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX
Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content,
accuracy and originality of the information contained therein.
Source: Black Hills Corporation via Globenewswire

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