Spire Inc. completed the acquisition of Piedmont Natural Gas Company, Inc.'s Tennessee natural gas local distribution company business from Duke Energy Corporation for $2.48 billion in cash on March 31, 2026. The acquired operations will now function as Spire Tennessee, becoming the largest investor-owned natural gas utility in Tennessee, serving over 200,000 customers with approximately 3,800 miles of pipelines. To finance the acquisition and for general corporate purposes, Spire entered into a Delayed Draw Term Loan Agreement (DDTL) for an aggregate of $800,000,000, consisting of a $600,000,000 Tranche A Facility and a $200,000,000 Tranche B Facility, with full borrowing on March 31, 2026. Spire Tennessee also completed the issuance and sale of $825,000,000 in Series 2026 Senior Notes across five tranches, with maturities ranging from April 1, 2029, to April 1, 2038, and interest rates from 4.59% to 5.44%. The acquisition is expected to represent approximately 20% of Spire's capital investment plan through 2030 and is projected to support long-term adjusted earnings per share growth of 5-7%.