NiSource has launched a new at‑the‑market equity program that allows the company to sell up to $1.5 billion of common stock through December 31 2028. The program replaces a prior $900 million ATM program that began in February 2024.
The equity program is intended to provide flexible liquidity to support NiSource’s $28 billion five‑year capital plan, which includes investments in utility infrastructure modernization, system expansions, and new growth opportunities such as data‑center energy services. The program will also help manage the company’s debt levels and maintain a strong balance sheet.
Barclays Capital, BMO Capital Markets, and other financial institutions will execute the program under equity distribution agreements. NiSource’s management emphasized that the program will allow the company to raise capital opportunistically without the disruption of a large, one‑time offering.
The announcement follows NiSource’s third‑quarter 2025 earnings, in which the company reported adjusted earnings per share of $0.19—slightly below the $0.20 forecast—and revenue of $1.14 billion, exceeding the $1.04 billion expectation. The company’s debt‑to‑equity ratio stands at approximately 143.3 %, and its interest coverage ratio is 2.8×.
NiSource operates through two reportable segments: Gas Distribution Operations and Electric Operations. The equity program will provide capital that can be deployed across both segments to support ongoing infrastructure upgrades and potential expansion into data‑center services.
Management noted that the company aims for 6‑8 % annual adjusted EPS growth over the next five years and that the ATM program is a key tool to achieve that target while preserving shareholder value.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.