v3.26.1
Financing
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Financing
(5)
Financing

 

Shelf Registration Statement

 

We maintain an effective shelf registration statement with the SEC under which we may issue, from time to time, an unspecified amount of senior debt securities, subordinated debt securities, common stock, preferred stock, warrants and other securities. In anticipation of the approaching expiration of our previous shelf registration statement on Form S-3 originally filed on June 16, 2023 (Registration No. 333-272739), we filed a new shelf registration statement on Form S-3 on May 19, 2026, (Registration No. 333-296010).

 

Short-term Debt

 

Generation Reservation Agreement with Prospective Data Center Customer

 

On April 22, 2026, Wyoming Electric entered into a generation reservation agreement with a prospective new customer seeking to construct a 1.8 GW data center in Wyoming subject to the LPCS Tariff. Under the agreement, the prospective customer will provide refundable advances to Wyoming Electric to support milestone payments to suppliers to secure long lead-time generation equipment for potential company‑owned generation to serve the customer. As of and for the six months ended June 30, 2026, Wyoming Electric received $285 million in refundable advances from the prospective customer. In July 2026, the parties amended this generation reservation agreement to increase the total refundable advances to $377 million with a new maturity date of August 31, 2026. This agreement is a bridge agreement to support long lead-time items while Wyoming Electric continues to negotiate definitive agreements with the prospective customer.

 

Revolving Credit Facility and CP Program

 

Our Revolving Credit Facility and CP Program, which are classified as Notes payable on the Consolidated Balance Sheets, had the following borrowings, outstanding letters of credit, and available capacity as of:

 

 

June 30, 2026

 

December 31, 2025

 

 

(dollars in millions)

 

Amount outstanding

$

90.0

 

$

—

 

Letters of credit (a)

 

3.2

 

 

3.2

 

Available capacity

 

656.8

 

 

746.8

 

Weighted average interest rates

 

3.86

%

N/A

 

 

(a)
Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.

 

Revolving Credit Facility and CP Program borrowing activity was as follows:

 

 

Six Months Ended June 30,

 

 

2026

 

2025

 

 

(dollars in millions)

 

Maximum amount outstanding (based on daily outstanding balances)

$

338.0

 

$

157.8

 

Average amount outstanding (based on daily outstanding balances)

 

151.1

 

 

80.4

 

Weighted average interest rates

 

3.90

%

 

4.60

%

 

Long-term Debt


On October 2, 2025, we completed a public debt offering of $450 million, 4.55% senior unsecured notes due January 31, 2031. Proceeds from the offering, which were reduced by $4.0 million of deferred financing costs, were used to repay all $300 million principal amount outstanding of our 3.95% senior unsecured notes at their January 15, 2026, maturity date and for other general corporate purposes.

 

Financial Covenants

 

Revolving Credit Facility

 

We were in compliance with all of our Revolving Credit Facility covenants as of June 30, 2026. We are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. Subject to applicable cure periods, a violation of this covenant would constitute an event of default that entitles the lenders to terminate their remaining commitments and accelerate all principal and interest outstanding. As of June 30, 2026, our Consolidated Indebtedness to Capitalization Ratio was 0.53 to 1.00. Consolidated Indebtedness, as defined under the terms of our Revolving Credit Facility, does not include the $285 million of Refundable advances for construction as of June 30, 2026, discussed above.

 

Wyoming Electric

 

Wyoming Electric was in compliance with all covenants within its financing agreements as of June 30, 2026. Wyoming Electric is required to maintain a debt to capitalization ratio of no more than 0.60 to 1.00. As of June 30, 2026, Wyoming Electric's debt to capitalization ratio was 0.48 to 1.00. Debt, as defined under the terms of Wyoming Electric's financing agreements, does not include the $285 million of Refundable advances for construction as of June 30, 2026, discussed above.

 

 

Equity

 

ATM

 

ATM activity was as follows:

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2026

 

2025

 

2026

 

2025

 

June 16, 2023 ATM Program

(in millions, except Average price per share amounts)

 

Proceeds, (net of issuance costs of $0.0, $0.0, $0.0, and $(0.5), respectively)

$

—

 

$

—

 

$

—

 

$

45.7

 

Number of shares issued

 

—

 

 

—

 

 

—

 

 

0.8

 

 

 

 

 

 

 

 

 

May 8, 2025 ATM Program

 

 

 

 

 

 

 

 

Proceeds, (net of issuance costs of $(0.1), $(0.2), $(0.5), and $(0.2), respectively)

$

9.5

 

$

19.6

 

$

50.1

 

$

19.6

 

Number of shares issued

 

0.1

 

 

0.3

 

 

0.7

 

 

0.3

 

 

 

 

 

 

 

 

 

Total activity under both ATM Programs

 

 

 

 

 

 

 

 

Proceeds, (net of issuance costs of $(0.1), $(0.2), $(0.5), and $(0.7), respectively)

$

9.5

 

$

19.6

 

$

50.1

 

$

65.3

 

Number of shares issued

 

0.1

 

 

0.3

 

 

0.7

 

 

1.1

 

Average price per share

$

74.04

 

$

58.28

 

$

73.53

 

$

59.78