v3.25.2
Financing
 9 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Financing

6. FINANCING

Short-term

Spire, Spire Missouri and Spire Alabama have a syndicated revolving credit facility pursuant to a loan agreement with 12 banks through October 11, 2029. The loan agreement has an aggregate credit commitment of $1,500.0, including sublimits of $525.0 for the Spire holding company, $700.0 for Spire Missouri and $275.0 for Spire Alabama. These sublimits may be reallocated from time to time among the three borrowers within the $1,500.0 aggregate commitment, with commitment fees and interest margins applied for each borrower relative to its credit rating. The Spire holding company may use its line to provide for the funding needs of various subsidiaries. The agreement also contains financial covenants limiting each borrower’s consolidated total debt, including short-term debt, to no more than 70% of its total capitalization. As defined in the line of credit, on June 30, 2025, total debt was less than 65% of total capitalization for each borrower. There were no borrowings against this credit facility as of June 30, 2025.

Spire has a commercial paper program (“CP Program”) pursuant to which it may issue short-term, unsecured commercial paper notes. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate face or principal amount of the notes outstanding under the CP Program at any time not to exceed $1,500.0. The notes may have maturities of up to 365 days from date of issue.

On January 3, 2024, Spire Missouri entered into a short-term loan agreement with several banks for a $200.0 unsecured term loan. Interest accrued at the one-month term secured overnight financing rate (“SOFR”) plus a SOFR adjustment of 0.10% per annum plus a margin of 0.90% per annum. Spire Missouri repaid $50.0 of this loan on April 5, 2024 and the remaining $150.0 balance on May 6, 2024.

Information about short-term borrowings, including Spire Missouri’s and Spire Alabama’s borrowings from Spire, is presented in the following table. As of June 30, 2025, $486.6 of Spire’s CP Program borrowings was used to support lending to the Utilities.

 

 

Spire
(Parent Only)

 

 

Spire
Missouri

 

 

Spire
Alabama

 

 

Spire

 

 

 

CP

 

 

Term

 

 

Spire

 

 

Spire

 

 

Consol-

 

 

 

Program

 

 

Loan

 

 

Note

 

 

Note

 

 

idated

 

Nine Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Highest borrowings outstanding

 

$

1,223.0

 

 

$

—

 

 

$

615.0

 

 

$

73.2

 

 

$

1,223.0

 

Lowest borrowings outstanding

 

 

896.0

 

 

 

—

 

 

 

299.5

 

 

 

1.2

 

 

 

896.0

 

Weighted average borrowings

 

 

1,058.7

 

 

 

—

 

 

 

485.9

 

 

 

42.1

 

 

 

1,058.7

 

Weighted average interest rate

 

 

4.5

%

 

 

0.0

%

 

 

4.8

%

 

 

4.8

%

 

 

4.5

%

As of June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings outstanding

 

$

1,009.5

 

 

$

—

 

 

$

398.7

 

 

$

56.4

 

 

$

1,009.5

 

Weighted average interest rate

 

 

4.3

%

 

 

0.0

%

 

 

4.7

%

 

 

4.7

%

 

 

4.3

%

As of September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings outstanding

 

$

947.0

 

 

$

—

 

 

$

495.3

 

 

$

48.4

 

 

$

947.0

 

Weighted average interest rate

 

 

5.2

%

 

 

0.0

%

 

 

5.2

%

 

 

5.2

%

 

 

5.2

%

As of June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings outstanding

 

$

771.0

 

 

$

—

 

 

$

418.3

 

 

$

23.0

 

 

$

771.0

 

Weighted average interest rate

 

 

5.6

%

 

 

0.0

%

 

 

5.6

%

 

 

5.6

%

 

 

5.6

%

 

Long-term

The long-term debt agreements of Spire, Spire Missouri and Spire Alabama contain customary financial covenants and default provisions. As of June 30, 2025, there were no events of default under these financial covenants.

Interest expense shown on the statements of income is net of the capitalized interest amounts shown in the following table.

 

 

Three Months Ended
June 30,

 

 

Nine Months Ended
 June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Spire

 

$

3.8

 

 

$

4.3

 

 

$

16.4

 

 

$

12.1

 

Spire Missouri

 

 

1.0

 

 

 

1.2

 

 

 

3.4

 

 

 

3.5

 

Spire Alabama

 

 

1.2

 

 

 

0.3

 

 

 

3.0

 

 

 

1.1

 

 

On May 1, 2025, Spire Missouri issued an aggregate principal amount of $150.0 of First Mortgage Bonds. The first tranche consisted of an aggregate principal amount of $90.0, bears interest at 4.88% per annum and matures on September 15, 2030. The second tranche consisted of an aggregate principal amount of $60.0, bears interest at 5.12% per annum and matures on September 15, 2032. Interest is payable semi-annually on March 15 and September 15 of each year. The bonds are senior secured indebtedness of Spire Missouri and rank equally with all other existing and future senior secured indebtedness issued by Spire Missouri under its Mortgage and Deed of Trust. The bonds are secured by a first mortgage lien on substantially all the real properties of Spire Missouri, subject to limited exceptions. Spire Missouri used the proceeds for general corporate purposes.