0001193125-13-355519.txt : 20130903 0001193125-13-355519.hdr.sgml : 20130902 20130903160632 ACCESSION NUMBER: 0001193125-13-355519 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130830 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130903 DATE AS OF CHANGE: 20130903 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LACLEDE GAS CO CENTRAL INDEX KEY: 0000057183 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 430368139 STATE OF INCORPORATION: MO FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01822 FILM NUMBER: 131075109 BUSINESS ADDRESS: STREET 1: 720 OLIVE ST CITY: ST LOUIS STATE: MO ZIP: 63101 BUSINESS PHONE: 3143420500 MAIL ADDRESS: STREET 1: 720 OLIVE ST CITY: ST LOUIS STATE: MO ZIP: 63101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LACLEDE GROUP INC CENTRAL INDEX KEY: 0001126956 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 742976504 STATE OF INCORPORATION: MO FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16681 FILM NUMBER: 131075110 BUSINESS ADDRESS: STREET 1: 720 OLIVE ST CITY: ST LOUIS STATE: MO ZIP: 63101 BUSINESS PHONE: 3143420500 MAIL ADDRESS: STREET 1: 720 OLIVE ST STREET 2: RM 1517 CITY: ST LOUIS STATE: MO ZIP: 63101 8-K 1 d592776d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 3, 2013 (August 30, 2013)

 

 

 

Commission
File No.

   

Exact Name of Registrant as Specified in its Charter and

Principal Office Address and Telephone Number

   

State of
Incorporation

   

I.R.S. Employer
Identification Number

1-16681   

The Laclede Group, Inc.

720 Olive Street

St. Louis, MO 63101

314-342-0500

    Missouri    74-2976504
1-1822   

Laclede Gas Company

720 Olive Street

St. Louis, MO 63101

314-342-0500

    Missouri    43-0368139

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

On September 3, 2013, The Laclede Group, Inc. (“Laclede”) and Laclede Gas Company (“Laclede Gas”) each entered into a new syndicated revolving credit facility pursuant to a loan agreement (collectively, the “Loan Agreements”) with Wells Fargo Bank, National Association, as Administrative Agent; U.S. Bank National Association and JPMorgan Chase Bank, N.A., as Co-Syndication Agents; Bank of America, N.A., Fifth Third Bank and Morgan Stanley Bank, N.A., as Co-Documentation Agents; and Wells Fargo Securities LLC, U.S. Bank National Association and J.P. Morgan Securities LLC as Joint Lead Arrangers and Joint Bookrunners; and Commerce Bank, UMB Bank, N.A., and Stifel Bank & Trust as the other participating banks. Laclede, Laclede Gas and their affiliates have or may have customary banking relationships with one or more of these banks for the provision of a variety of financial services, including commercial paper dealer, bond trustee for Laclede Gas’ outstanding first mortgage bonds, and pension fund, cash management, investment banking, and lockbox services, none of which are material individually or in the aggregate with respect to any individual party.

Each Loan Agreement is for a term of five years, but Laclede or Laclede Gas, as applicable, may request up to three one-year extensions of its respective Loan Agreement. Each Loan Agreement contains affirmative and negative covenants customary for such agreements, including, among other things, limitations on certain types of acquisitions, investments, and sales of property. Each Loan Agreement also contains financial covenants limiting the respective company’s consolidated debt to 70% of the respective company’s consolidated capitalization. The calculation is more specifically described in each of the Loan Agreements. Each Loan Agreement also contains customary events of default, including, without limitation, payment defaults, covenant defaults, material inaccuracy of representations and warranties, certain events of bankruptcy and insolvency, cross defaults to certain other agreements, and the entry of certain judgments not appealed or satisfied.

Under each Loan Agreement, at Laclede’s or Laclede Gas’ option, as applicable, borrowings will bear interest at either (i) the highest of (a) Wells Fargo Bank’s prime rate, (b) the federal funds rate plus 0.50% and (c) one-month LIBOR plus 1.00% (Base Rate) plus a margin of 0.0% to 0.500%, (depending on Laclede’s or Laclede Gas’ credit rating, as applicable) (Adjusted Base Rate), or (ii) LIBOR plus a margin of 0.875% to 1.50% (depending on Laclede’s or Laclede Gas’ credit rating, as applicable). At Laclede’s or Laclede Gas’ option, as applicable, swingline loans will bear interest at either (i) the Adjusted Base Rate or (ii) the one-month LIBOR market index rate plus a margin determined by Laclede’s or Laclede Gas’ credit rating, as applicable. Fees are payable on letters of credit at the same margin that is applicable to LIBOR loans. Other fees may also be charged by the bank that issues a letter of credit. Borrowings under Laclede Gas’ Loan Agreement will be due within no more than 364 days.

Each of Laclede and Laclede Gas has paid an upfront fee to the banks for its respective Loan Agreement, and, during the term of the Loan Agreement, each company will pay its banks a commitment fee on the unused portion of the credit made available under its respective Loan Agreement.

The Loan Agreements replace existing loan agreements with Wells Fargo Bank, National Association, as administrative agent and several banks parties thereto, dated as of July 18, 2011 and amended on January 16, 2013, which were terminated early on September 3, 2013, effective with the closing of the Loan Agreements.

Laclede’s Loan Agreement has a credit commitment of $150 million and Laclede Gas’ Loan Agreement has a credit commitment of $450 million. Under certain terms and conditions of its respective Loan Agreement, Laclede and Laclede Gas may request an increase in the credit commitments of up to $50 million in the case of Laclede and $150 million in the case of Laclede Gas. Each Loan Agreement also provides for letters of credit in an aggregate amount up to $60 million in the case of Laclede and $30 million in the case of Laclede Gas, and swingline loans in an aggregate amount up to $15 million in the case of Laclede and $45 million in the case of Laclede Gas. Letters of credit and swingline loans will constitute usage under the Loan Agreements. Laclede and Laclede Gas expect to use the Loan Agreements for general corporate purposes, including short-term borrowings and letters of credit.

 

Item 1.02 Termination of a Material Definitive Agreement.

As noted in Item 1.01, the Loan Agreements replace existing loan agreements with Wells Fargo Bank, National Association, as administrative agent and several banks parties thereto, dated as of July 18, 2011 and amended on January 16, 2013, which were terminated early on September 3, 2013, effective with the closing of the Loan Agreements.

Item 2.01 Completion of Acquisition or Disposition of Assets.

As previously disclosed, on December 14, 2012, Laclede, through Plaza Missouri Acquisition, Inc. (“Plaza Missouri”), entered into a Purchase and Sale Agreement (the “PSA”) to acquire from Southern Union Company (“SUG”), an affiliate of Energy Transfer Equity, L.P. and Energy Transfer Partners, L.P., substantially all of the assets and liabilities of SUG’s Missouri Gas Energy division (“MGE”), and also entered into an employee agreement (the “Employee Agreement”) with Laclede and SUG to provide for the terms and conditions of its employment of persons currently employed by MGE (the “Transaction”). Furthermore, as previously disclosed, on January 11, 2013, pursuant to a Consent to Assignment (the “Consent”) by and among Laclede, Plaza Missouri and SUG, Laclede Gas and Plaza Missouri entered into an assignment and assumption agreement (the “Assignment and Assumption Agreement”) pursuant to which Laclede Gas assumed all of Plaza Missouri’s duties and obligations under the PSA and the Employee Agreement effective as of January 11, 2013.

Effective as of September 1, 2013, Laclede Gas and SUG completed the Transaction for an aggregate purchase price of $975 million. The purchase price is subject to certain post-closing adjustments in accordance with the terms of the PSA. Laclede Gas funded the purchase price with cash on hand, including approximately $445 million of proceeds from its August 13, 2013 registered sale of first mortgage bonds, approximately $430 million of proceeds from its August 30, 2013 unregistered sale of additional shares of common stock to Laclede and cash from operations. Laclede funded the purchase of additional equity from Laclede Gas primarily from approximately $427 million of proceeds from its registered sale of 10,005,000 shares of common stock on May 29, 2013. In connection with the closing, SUG waived the PSA condition relating to the closing of the pending sale of its New England Gas Company division to Algonquin Power & Utilities Corp.’s subsidiary, Liberty Utilities Co.

The foregoing description of the PSA and the Employee Agreement is qualified in its entirety by reference to the full text of such agreements, copies of which are filed as Exhibits 2.1 and 2.3 to Laclede’s Current Report on Form 8-K filed on December 14, 2012 and are fully incorporated herein by reference. The foregoing description of the Consent and the Assignment and Assumption Agreement is qualified in its entirety by reference to the full text of the agreement, a copy of which was filed as Exhibits 99.1 and 99.2 to Laclede’s Current Report on Form 8-K filed on January 11, 2013.

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement or a Registrant.

The information set forth under Item 1.01 above is incorporated herein by reference. Since Laclede and Laclede Gas each expects to use its Loan Agreement for general corporate purposes, no direct financial obligations or obligations under an off-balance sheet arrangement have arisen under either of the Loan Agreements as of the date hereof.

 

Item 3.02 Unregistered Sales of Equity Securities (Laclede Gas Only).

As described under Item 2.01 above, on August 30, 2013, Laclede Gas sold 10,581 additional shares of its common stock, par value $1 per share, to its parent, Laclede, for approximately $430 million in a private transaction exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

 

Item 7.01 Regulation FD Disclosure.

On September 3, 2013, Laclede and Laclede Gas announced in a press release that they had closed the Transaction described above under Item 2.01. A copy of the press release is furnished as Exhibit 99.1. The information furnished in this Item 7.01 and in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference into any of Laclede’s or Laclede Gas’ filings under the Securities Act or the Exchange Act.

Forward Looking Statements

This Current Report on Form 8-K may include certain statements concerning expectations for the future, including statements regarding the anticipated benefits and other aspects of the transactions described above, that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control, including the risk that the anticipated benefits from the transactions cannot be fully realized. An extensive list of factors that can affect future results are discussed in Laclede’s and Laclede Gas’ Annual Reports on Form 10-K for the year ended September 30, 2012 and Laclede’s and Laclede Gas’ Quarterly Reports on Form 10-Q for the quarter ended June 30, 2013, and other documents filed by Laclede and Laclede Gas from time to time with the Securities and Exchange Commission. Laclede and Laclede Gas undertake no obligation to update or revise any forward-looking statement to reflect new information or events.

Item 9.01 Financial Statements and Exhibits.

 

(a) Financial Statements of Businesses Acquired.

 

  1. Audited Financial Statements of Missouri Gas Energy as of December 31, 2012 and 2011 and for the period from March 26, 2012 to December 31, 2012, the period from January 1, 2012 to March 25, 2012, and the years ended December 31, 2011, and 2010 (filed as Exhibit 99.1 to Laclede Gas’ Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein); and

 

  2. Unaudited Interim Financial Statements of Missouri Gas Energy as of June 30, 2013 and for the three and six months ended June 30, 2013 and 2012 (filed as Exhibit 99.2 to Laclede Gas’ Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein).

 

(b) Pro Forma Financial Information.

 

  1. Unaudited Pro Forma Combined Condensed Statements of Income for the nine months ended June 30, 2013 and for the year ended September 30, 2012 and Unaudited Pro Forma Combined Condensed Balance Sheets as of June 30, 2013 and September 30, 2012, of Laclede Gas Company and Missouri Gas Energy (filed as Exhibit 99.3 to Laclede Gas’ Form 8-K filed on August 6, 2013 and incorporated by reference herein); and

 

  2. Unaudited Pro Forma Combined Condensed Statements of Income for the nine months ended June 30, 2013 and for the year ended September 30, 2012 and Unaudited Pro Forma Combined Condensed Balance Sheets as of June 30, 2013 and September 30, 2012, of The Laclede Group, Inc. and Missouri Gas Energy (filed as Exhibit 99.2 to Laclede’s Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein).

 

(d) Exhibits.

 

Number

   

Exhibit

99.1    Press Release dated September 3, 2013.
99.2    Audited Financial Statements of Missouri Gas Energy as of December 31, 2012 and 2011 and for the period from March 26, 2012 to December 31, 2012, the period from January 1, 2012 to March 25, 2012, and the years ended December 31, 2011, and 2010 (filed as Exhibit 99.1 to Laclede Gas’ Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein).
99.3    Unaudited Interim Financial Statements of Missouri Gas Energy as of June 30, 2013 and for the three and six months ended June 30, 2013 and 2012 (filed as Exhibit 99.2 to Laclede Gas’ Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein).
99.4    Unaudited Pro Forma Combined Condensed Statements of Income for the nine months ended June 30, 2013 and for the year ended September 30, 2012 and Unaudited Pro Forma Combined Condensed Balance Sheets as of June 30, 2013 and September 30, 2012, of Laclede Gas Company and Missouri Gas Energy (filed as Exhibit 99.3 to Laclede Gas’ Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein).
99.5    Unaudited Pro Forma Combined Condensed Statements of Income for the nine months ended June 30, 2013 and for the year ended September 30, 2012 and Unaudited Pro Forma Combined Condensed Balance Sheets as of June 30, 2013 and September 30, 2012, of The Laclede Group, Inc. and Missouri Gas Energy (filed as Exhibit 99.2 to Laclede’s Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    LACLEDE GAS COMPANY
Date: September 3, 2013     By:  

/s/ S.L. Lindsey

      S. L. Lindsey
      President
    THE LACLEDE GROUP, INC.
Date: September 3, 2013     By:  

/s/ S. Sitherwood

    Name:   S. Sitherwood
    Title:   President and Chief Executive Officer

Exhibit Index

 

Number

   

Exhibit

99.1    Press Release dated September 3, 2013.
99.2    Audited Financial Statements of Missouri Gas Energy as of December 31, 2012 and 2011 and for the period from March 26, 2012 to December 31, 2012, the period from January 1, 2012 to March 25, 2012, and the years ended December 31, 2011, and 2010 (filed as Exhibit 99.1 to Laclede Gas’ Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein).
99.3    Unaudited Interim Financial Statements of Missouri Gas Energy as of June 30, 2013 and for the three and six months ended June 30, 2013 and 2012 (filed as Exhibit 99.2 to Laclede Gas’ Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein).
99.4    Unaudited Pro Forma Combined Condensed Statements of Income for the nine months ended June 30, 2013 and for the year ended September 30, 2012 and Unaudited Pro Forma Combined Condensed Balance Sheets as of June 30, 2013 and September 30, 2012, of Laclede Gas Company and Missouri Gas Energy (filed as Exhibit 99.3 to Laclede Gas’ Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein).
99.5    Unaudited Pro Forma Combined Condensed Statements of Income for the nine months ended June 30, 2013 and for the year ended September 30, 2012 and Unaudited Pro Forma Combined Condensed Balance Sheets as of June 30, 2013 and September 30, 2012, of The Laclede Group, Inc. and Missouri Gas Energy (filed as Exhibit 99.2 to Laclede’s Current Report on Form 8-K filed on August 6, 2013 and incorporated by reference herein).
 EX-99.1 2 d592776dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO   NEWS RELEASE

 

Investor Contact:    Media Contact:
Scott W. Dudley Jr.    Jessica B. Willingham
314-342-0878    314-342-3300 or (toll-free) 855-852-1500
Scott.Dudley@TheLacledeGroup.com    Jessica.Willingham@TheLacledeGroup.com

FOR IMMEDIATE RELEASE

Laclede Completes Purchase of Missouri Gas Energy Assets

Laclede now serves more than 1.1 million Missouri natural gas customers

ST. LOUIS (September 3, 2013) — Laclede Gas Company, a subsidiary of The Laclede Group, Inc. (NYSE: LG), today completed its $975 million purchase of the assets of Missouri Gas Energy (MGE) from a subsidiary of Energy Transfer Partners, L.P. effective September 1, 2013. The addition of MGE solidifies Laclede’s position as the largest natural gas distribution company in Missouri, now serving more than 1.1 million natural gas customers with safe and reliable service.

“Missouri Gas Energy customers will continue to receive outstanding service, now backed by Laclede Gas Company, which has more than 150 years of experience delivering natural gas safely, reliably, and efficiently,” said Suzanne Sitherwood, president and chief executive officer of Laclede Group. “We’ve been working on the integration of the two companies since last year, and we are now fully ready to complete a seamless transition as we welcome Missouri Gas Energy employees and customers into the Laclede family.”

Laclede Gas President Steve Lindsey added, “We are hitting the ground running. As our companies come together, we are applying best practices and systems to ensure the highest service levels possible. Part of our initial focus will be to increase investments in the gas distribution system in western Missouri through our pipeline replacement program. At the same time, we will fully implement our new state-of-the-art customer care technology to better serve all of our customers.”

As previously announced, the acquisition aligns with Laclede’s strategy for achieving growth through leveraging its natural gas industry expertise. Laclede expects the acquisition of MGE to be accretive to its Gas Utility segment’s fiscal 2014 net economic earnings per share compared to fiscal 2013. Reported net economic earnings per share for fiscal 2013 will exclude all acquisition impacts such as transaction and transition costs, and new equity and debt issued to finance the acquisition. Further, the addition of MGE will increase the share of Laclede’s earnings generated from stable regulated utility operations, which will continue to support the dividend.

ABOUT THE LACLEDE GROUP

The Laclede Group, Inc. (NYSE: LG), headquartered in St. Louis, Missouri, is a public utility holding company. The Gas Utility segment serves St. Louis and eastern Missouri through Laclede Gas and serves Kansas City and

 

 

The Laclede Group, Inc. — 720 Olive Street — St. Louis, Missouri — 63101

LOGO    NEWS RELEASE

 

western Missouri through Missouri Gas Energy. Together they provide more than 1.1 million residential, commercial and industrial customers with safe and reliable natural gas service. Laclede’s primary non-utility business, Laclede Energy Resources, Inc., included in the Gas Marketing segment, provides non-regulated natural gas services. Laclede Group is committed to pursuing growth through 1) developing and investing in emerging technologies; 2) investing in infrastructure; 3) acquiring businesses to which the Company can apply its operating model, and 4) leveraging its current business unit competencies. For more information about Laclede and its subsidiaries, visit www.TheLacledeGroup.com.

CAUTIONARY STATEMENTS ON FORWARD-LOOKING INFORMATION AND NON-GAAP MEASURES

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s future operating results may be affected by various uncertainties and risk factors, many of which are beyond the Company’s control, including weather conditions, economic factors, the competitive environment, governmental and regulatory policy and action, and risks associated with the Company’s pending acquisition. For a more complete description of these uncertainties and risk factors, see the Company’s Form 10-K for the fiscal year ended September 30, 2012 and the Company’s Form 10-Q for the quarter ended June 30, 2013, both filed with the Securities and Exchange Commission.

This news release references the non-GAAP financial measure “net economic earnings per share.” Management also uses this non-GAAP measure internally when evaluating the Company’s performance. Net economic earnings exclude from net income the after-tax impacts of fair value accounting and timing adjustments associated with energy-related transactions. These adjustments include net unrealized gains and losses on energy-related derivatives resulting from the current changes in the fair value of financial and physical transactions prior to their completion and settlement, lower of cost or market inventory adjustments, and realized gains and losses on economic hedges prior to the sale of the physical commodity. In calculating net economic earnings, management also excludes from net income the after-tax impacts related to acquisition, divestiture, and restructuring activities. Management believes that excluding these items provides a useful representation of the economic impact of actual settled transactions and overall results of ongoing operations. When calculating net economic earnings per share for fiscal 2013, management excludes all acquisition impacts such as transaction and transition costs, and new equity and debt issued to finance the acquisition. Management believes that this presentation provides a useful representation of operating performance by facilitating comparisons of year-over-year results.

These internal non-GAAP operating metrics should not be considered as an alternative to, or more meaningful than, GAAP measures such as net income.

###

 

 

The Laclede Group, Inc. — 720 Olive Street — St. Louis, Missouri — 63101

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