NiSource Inc. is issuing up to $400 million in stock in a forward sale of shares conducted by Credit Suisse Securities.
The Merrillville-based company plans to use any net proceeds for general purposes, including funding infrastructure growth projects.
NiSource currently has a total stock market value of about $4.77 billion. Its stock was trading at $17.21 on the New York Stock Exchange at about mid-day Wednesday, down 40 cents per share on heavy trading volume of 2.2 million shares.
The forward sale arrangement will allow NiSource to draw on the funds for a two-year period after the offering's close, according to NiSource spokesman Mike Banas.
NiSource has 3.8 million energy customers, mainly in the Midwest and mid-Atlantic states. It is the parent of NIPSCO, which has 712,000 natural gas and 457,000 electric customers in northern Indiana.
