SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 31, 2007
OTTER TAIL CORPORATION
(Exact name of registrant as specified in its charter)
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Minnesota
(State or other jurisdiction
of incorporation)
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0-00368
(Commission
File Number)
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41-0462685
(I.R.S. Employer
Identification No.) |
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215 South Cascade Street, P.O. Box 496, Fergus Falls, MN |
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56538-0496 |
(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (866) 410-8780
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
TABLE OF CONTENTS
Item 1.01 Entry into a Material Definitive Agreement
On August 31, 2007, Otter Tail Corporation, dba Otter Tail Power Company (the Company), and
U.S. Bank National Association (U.S. Bank) entered into a
Second Amendment to the Credit Agreement
dated as of August 31, 2007 (the Amendment), amending the Credit Agreement dated as of September
1, 2006 between the Company and U.S. Bank (the Credit Agreement). The Amendment increases the
commitment under the Credit Agreement from $50 million to $75 million and changes the termination
date from September 1, 2007 to September 1, 2008. The Amendment contains no other significant
changes to the Credit Agreement and is filed as Exhibit 4.1 to this Form 8-K. The Credit Agreement
creates an unsecured revolving credit facility that the Company can draw on to support the working
capital needs and other capital requirements of the Companys electric operations. The material
terms and conditions of the Credit Agreement are described in the Companys Form 10-K for the
fiscal year ended December 31, 2006.
U.S. Bank is also a party to the Credit Agreement dated as of April 26, 2006 among Otter Tail
Corporation, the Banks named therein, U.S. Bank, as Agent, JPMorgan Chase Bank, N.A., as
Syndication Agent, and Wells Fargo Bank, National Association, as Documentation Agent, which
creates an unsecured revolving credit facility that Otter Tail Corporation can draw on to support
its nonelectric operations.
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Item 2.03 |
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant |
As described under Item 1.01 of this Form 8-K, on August 31, 2007, the Company and U.S. Bank
amended the Credit Agreement which supports the working capital needs and other capital
requirements of the Companys electric operations. As of August 31, 2007, $18.8 million was
borrowed under the Credit Agreement.
Item 9.01 Financial Statement and Exhibits
(d) Exhibits
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4.1 |
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Second Amendment to Credit Agreement dated as of August 31, 2007 between
the Company and U. S. Bank (amending the Credit Agreement dated as of September 1,
2006 between the Company and U.S. Bank) |
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Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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OTTER TAIL CORPORATION
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Date: September 6, 2007 |
By /s/ Kevin G. Moug
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Kevin G. Moug |
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Chief Financial Officer
and Treasurer |
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