NiSource establishes $1.5 billion equity offering program through 2028

NiSource Inc. (NYSE: NI) announced it has established an at-the-market equity offering program to sell up to $1.5 billion in common stock through December 31, 2028.

The utility company entered into equity distribution agreements with 11 financial institutions serving as sales agents, including Barclays Capital Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities LLC.

Under the program, shares may be sold through ordinary broker transactions on the New York Stock Exchange at prevailing market prices or through market makers and electronic communications networks. The company may also enter into forward sale agreements with the agents or their affiliates.

NiSource stated it intends to use proceeds from any stock sales for general corporate purposes, including financing capital expenditures, working capital and repaying existing debt.

The new program replaces a $900 million at-the-market equity offering established on February 22, 2024, and includes approximately $47.5 million of unsold stock from that previous offering.

The offering is being conducted through a prospectus supplement filed with the Securities and Exchange Commission on October 30, 2025, under an effective registration statement on Form S-3.

NiSource serves approximately 3.3 million natural gas customers and 500,000 electric customers across six states through its Columbia Gas and NIPSCO brands. The company is based in Merrillville, Indiana.

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