June 23, 2009 (FinancialWire) — Black Hills Corp. (NYSE: BKH) said it has paid off the remaining $105 million of borrowings on its bridge acquisition facility. The financing was originally obtained to purchase four natural gas utilities and one electric utility from Aquila in a transaction that closed on July 14, 2008.

company CEO David R. Emery said, “We have adequate liquidity of approximately $300 million to support our businesses, and as reported during our first quarter investor webcast, we plan to obtain additional long-term debt financing by year-end to support our growth initiatives.”

On December 18, 2008, Black Hills extended its $383 million bridge acquisition facility from a February 5, 2009 maturity date to a December 29, 2009 maturity date to provide additional flexibility as the company pursued long-term replacement financing.

In April of this year, the company used proceeds of $30.2 million from the sale of a 25 percent ownership interest in its Wygen III power plant to pay down a portion of the facility. Last month, the company announced it had completed a $250 million public long-term bond offering and that the net proceeds were used to reduce the acquisition facility debt to around $105 million.

Rapid City, South Dakota-based Black Hills serves more than 759,000 utility customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company has corporate offices in Golden, Colorado, and Omaha, Nebraska.

The company’s non-regulated businesses generate wholesale electricity, produce natural gas, oil and coal, and market energy.

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