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NI 424B2: Secondary offering

Filed with the SEC on · accession 0001193125-26-352576

NI filed a 424B2 (prospectus (offering)) with the SEC on Aug 14, 2026. NiSource Inc. is offering $750,000,000 of 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057. The stock moved +1.0% by the first close after the filing.

Summary of the filing

NiSource Inc. is offering $750,000,000 of 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057. The notes will bear interest at 6.250% per annum until April 15, 2032, then reset to the Five-year U.S. Treasury Rate plus 1.930%, with a floor of 6.250%.

For details, click here →How to read a 424B2 →

Key details

Total offering amount$750.0M
Underwriting discount$7.5M
Proceeds to issuer before expenses$742.5M
IssuerNiSource Inc.
Joint book-running managerBarclays
Joint book-running managerGoldman Sachs & Co. LLC
Joint book-running managerJ.P. Morgan
Joint book-running managerMorgan Stanley
Joint book-running managerWells Fargo Securities
Co-managerAcademy Securities
Co-managerSiebert Williams Shank
Co-managerRamirez & Co., Inc.

How NI stock reacted

Close before

$42.08

Aug 13, 2026

First close after

+1.00%

$42.50

5 trading days

-1.05%

$41.64

Since filing

+4.92%

$44.15

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Frequently asked questions

What did NI file with the SEC on Aug 14, 2026?

NI filed a 424B2 (Secondary offering). NiSource Inc. is offering $750,000,000 of 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057. The notes will bear interest at 6.250% per annum until April 15, 2032, then reset to the Five-year U.S. Treasury Rate plus 1.930%, with a floor of 6.250%.

What does a secondary offering mean for NI stock?

New shares dilute existing holders and are often sold at a discount to the market price.

How do I read a 424B2?

The final terms of an offering of shares or bonds. Look at price, number of shares and the discount to the market price. Large offerings dilute existing shareholders.

Why are SEC filings important?

Public companies must tell the SEC about anything that can change their value — results, leadership changes, big deals, new shares, bankruptcy. Filings are the official source, often before the news. A 424B2 (prospectus (offering)): The final terms of an offering of shares or bonds.

How did NI stock react to this filing?

NI closed at $42.08 before the filing and $42.50 on Aug 14, 2026 (+1.00%). Five trading days later: $41.64 (-1.05%).

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