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OTTR > SEC Filings for OTTR > Form 8-K on 31-Jan-2014All Recent SEC Filings

Show all filings for OTTER TAIL CORP

Form 8-K for OTTER TAIL CORP


31-Jan-2014

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01. Entry into a Material Definitive Agreement.

On January 30, 2014, Otter Tail Power Company ("OTP"), a wholly owned subsidiary of Otter Tail Corporation (the "Company"), and OTP's co-owners in the Coyote Station baseload generation plant, Northern Municipal Power Agency, Montana-Dakota Utilities Co., a division of MDU Resources Group, Inc. and NorthWestern Corporation (collectively with OTP, the "Co-owners"), entered into a First Amendment to Lignite Sales Agreement dated as of January 30, 2014 (the "First Amendment") with Coyote Creek Mining Company, L.L.C. ("CCMC"). The First Amendment amends the Lignite Sales Agreement dated as of October 10, 2012 (the "Agreement") among the Co-owners and CCMC. The Agreement is described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on October 15, 2012 and filed as Exhibit 10-J to the Company's Annual Report on Form 10-K filed with the SEC on February 27, 2013.

Under the First Amendment, the Co-owners have the right, at any time during the term of the Agreement and on the terms and subject to the conditions set forth in the First Amendment, to purchase from CCMC one or more of three capital asset classes of CCMC: rolling stock, dragline(s) and fixed capital assets. The purchase price for each class of assets would be the net book value of that class of assets as reflected on the financial statements of CCMC. Under the original Agreement, the Co-owners had the right to purchase all of CCMC's capital assets for the net book value of such capital assets, but did not have the right to purchase subclasses of the capital assets.

The summary in this Item 1.01 of the material terms of the First Amendment is qualified in its entirety by reference to the full text of the First Amendment, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

10.1    First Amendment to Lignite Sales Agreement dated as of January 30, 2014
        among Otter Tail Power Company, Northern Municipal Power Agency,
        Montana-Dakota Utilities Co., a division of MDU Resources Group, Inc.,
        NorthWestern Corporation and Coyote Creek Mining Company, L.L.C.


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