ALLETE $231.8 million stock offering
Davis Polk acted as counsel to the representatives of the underwriters in connection with an SEC-registered offering of an aggregate 3,680,000 shares of common stock of ALLETE, Inc. for $231.8 million before underwriting discounts and estimated expenses of the offering. The 3,680,000 shares include 480,000 shares issued by, and purchased by the underwriters from, ALLETE pursuant to the underwriters’ option. The company’s common stock is listed on the New York Stock Exchange under the symbol “ALE.”
ALLETE is an energy company headquartered in Duluth, Minnesota. Its businesses include Minnesota Power in northeast Minnesota, Superior Water, Light & Power Co. in northwest Wisconsin, BNI Coal in Center, North Dakota, and ALLETE Clean Energy. ALLETE also has significant transmission investments in the upper Midwest.
The Davis Polk corporate team included partner Deanna L. Kirkpatrick and associate Steven Glendon. The tax team included partner Lucy W. Farr and associate Bradford Sherman. Counsel Loyti Cheng and law clerk Karmpreet Grewal provided environmental advice. All members of the Davis Polk team are based in the New York office.