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<title>bkh-20210224</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY180L2ZyYWc6ZjExM2ZmZGE0MzJiNDAwZDlhNjUxZTlmODNmYTdiODAvdGFibGU6ZWUyNjIzNDExMDg0NGIyYWFiNmVmZjgxMGQxZmRmM2EvdGFibGVyYW5nZTplZTI2MjM0MTEwODQ0YjJhYWI2ZWZmODEwZDFmZGYzYV8wLTEtMS0xLTA_e56f2731-13ab-455a-9d55-31d855c23b9b">0001130464</ix:nonNumeric><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:AmendmentFlag" 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style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Washington, D.C. 20549</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Form <ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:DocumentType" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl84Mw_5045d1f3-05f4-43db-9eb5-fe3617bf2e20">8-K</ix:nonNumeric> </span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">CURRENT REPORT</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Date of Report (Date of earliest event reported) <ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl8yMjU_2cc3055e-1c57-48e6-8629-c8ad0719eb1b">February 24, 2021</ix:nonNumeric></span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:EntityRegistrantName" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl8yMjk_638a894e-7a76-44c8-9ffb-8e0f897de832">Black Hills Corporation</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Exact name of registrant as specified in its charter)</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl8yODk_6252c4fa-44c6-43f2-90d9-a3c9097e06b4">South Dakota</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(State or other jurisdiction of incorporation)</span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:EntityFileNumber" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl8zNDE_f3e5aca4-5d51-4d60-a43c-1500488df736">001-31303</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Commission File Number)</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:EntityTaxIdentificationNumber" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl8zNzE_58ceabbf-0349-4117-915b-866f054c1c64">46-0458824</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(IRS Employer Identification No.)</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:EntityAddressAddressLine1" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl80MTA_d305cb4f-05ae-4a30-b7b0-091c54176cc5">7001 Mount Rushmore Road</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:EntityAddressCityOrTown" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl80MTQ_76ea79ee-5777-424d-a302-03261d142945">Rapid City</ix:nonNumeric>, <ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl80MTg_111b6ae7-3797-4385-9e04-f9ca6207d524">South Dakota</ix:nonNumeric>  <ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:EntityAddressPostalZipCode" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl80MjI_3c5029cd-ae8f-47a6-9f43-6c0ae9438491">57702</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Address of principal executive offices)</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(<ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:CityAreaCode" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl80Njk_e9818a0c-20c0-43a4-97bd-b5fccde38045">605</ix:nonNumeric>) <ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGV4dHJlZ2lvbjozZjRlYjA3MWZlYmM0YmZhOGZhNmQyY2Y0YWZiOGVlMl80NzM_de1c6cbb-97ec-4afb-8c81-79f18f2ee8dd">721-1700</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Registrants telephone number)</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Not Applicable</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Former name or former address, if changed since last report)</span></div><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.468%"><tr><td style="width:1.0%"></td><td style="width:2.999%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.581%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:92.020%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGFibGU6MmUxZjE4NTk1OWI2NDYwYzkzOWJkNjBiYjAxZGYwNjUvdGFibGVyYW5nZToyZTFmMTg1OTU5YjY0NjBjOTM5YmQ2MGJiMDFkZjA2NV8wLTAtMS0xLTA_d2dfd40d-9bcc-4dc8-97ab-3b8166d0e201">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGFibGU6MmUxZjE4NTk1OWI2NDYwYzkzOWJkNjBiYjAxZGYwNjUvdGFibGVyYW5nZToyZTFmMTg1OTU5YjY0NjBjOTM5YmQ2MGJiMDFkZjA2NV8yLTAtMS0xLTA_56fcd8e7-726d-4d51-bac7-baaa50db0bbe">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" 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240.13e-4(c)</span></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.045%"><tr><td style="width:1.0%"></td><td style="width:34.194%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.342%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Securities registered pursuant to Section 12(b) of the Act:</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trading Symbol(s)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGFibGU6MzE3N2M5ZThjODlkNDk2NmEyZTdmOTNjN2Y1NjdhZDEvdGFibGVyYW5nZTozMTc3YzllOGM4OWQ0OTY2YTJlN2Y5M2M3ZjU2N2FkMV8yLTAtMS0xLTA_ad80e1fc-0b65-497c-bca0-07a2a9c0b829">Common stock of $1.00 par value</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGFibGU6MzE3N2M5ZThjODlkNDk2NmEyZTdmOTNjN2Y1NjdhZDEvdGFibGVyYW5nZTozMTc3YzllOGM4OWQ0OTY2YTJlN2Y5M2M3ZjU2N2FkMV8yLTEtMS0xLTA_f558dc34-fca2-4a93-b2df-5c232412f0c0">BKH</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGFibGU6MzE3N2M5ZThjODlkNDk2NmEyZTdmOTNjN2Y1NjdhZDEvdGFibGVyYW5nZTozMTc3YzllOGM4OWQ0OTY2YTJlN2Y5M2M3ZjU2N2FkMV8yLTItMS0xLTA_23c26d43-84e9-4d49-b679-90364b8a7b22">New York Stock Exchange</ix:nonNumeric></span></td></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.858%"><tr><td style="width:1.0%"></td><td style="width:42.464%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.001%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.066%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.069%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Emerging growth company</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i19b6c15564294a1db28fc06ec2ac46cf_D20210224-20210224" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="id3VybDovL2RvY3MudjEvZG9jOjIwODliOGZlMjAxNTQwMjQ5MDFiZGIyZWExZGU2NGFjL3NlYzoyMDg5YjhmZTIwMTU0MDI0OTAxYmRiMmVhMWRlNjRhY18xL2ZyYWc6M2Y0ZWIwNzFmZWJjNGJmYThmYTZkMmNmNGFmYjhlZTIvdGFibGU6ODBhYjY1YjRkNDhiNGM2M2ExODdkMTJhYWM2ZDczMTcvdGFibGVyYW5nZTo4MGFiNjViNGQ0OGI0YzYzYTE4N2QxMmFhYzZkNzMxN18wLTEtMS0xLTA_f3a54f4d-b702-4adb-9020-d204b38dbc92">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.        </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o</span></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><div id="i2089b8fe20154024901bdb2ea1de64ac_7"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.01 Entry into a Material Definitive Agreement.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The disclosure under Item 8.01 of this Current Report on Form 8-K is incorporated herein by reference.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The disclosure under Item 8.01 of this Current Report on Form 8-K is incorporated herein by reference.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 8.01 Other Events.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2021, a prolonged period of historic cold temperatures across the central United States, which covered all of our Utilities&#8217; service territories, caused a significant increase in heating and energy demand and contributed to unforeseeable and unprecedented market prices for natural gas and electricity.  As a result of this historic event, our natural gas costs were approximately $600 million higher than our forecast base load for the month of February. This amount is a preliminary estimate through February 24, 2021 and does not include certain pipeline transportation charges that remain subject to settlement and payable in late March 2021.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To ensure we maintain adequate liquidity, on February 24, 2021, Black Hills Corporation (the &#8220;Company&#8221;) entered into a credit agreement (the &#8220;Credit Agreement&#8221;) with U.S. Bank National Association, as administrative agent, and the lenders party thereto.  The Credit Agreement provides an $800 million unsecured term loan, maturing on November 23, 2021, has an interest rate based on LIBOR plus 75 basis points, carries no prepayment penalty, and is subject to the same covenants as our Revolving Credit Facility.  Proceeds from the term loan will be available for settlement of February natural gas purchases and pipeline transportation charges.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We expect to repay a portion of this term loan prior to maturity and refinance the remaining portion in longer-term debt. As of February 24, 2021, we had $1.3 billion of liquidity consisting of approximately $800 million of cash and $500 million of available capacity on our Revolving Credit Facility.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Utilities have regulatory mechanisms to recover the increased energy costs from the record-breaking cold weather event.  However, given the extraordinary impact of these higher costs to our customers, we expect our regulators to undertake a heightened review.  We are engaged with our regulators to identify appropriate recovery periods over which to recover costs associated with this event as we continue to address the impacts to our customers&#8217; bills.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A copy of the Credit Agreement is attached hereto as Exhibit 10.1.  </span></div><div><span><br/></span></div><div><span><br/></span></div><div id="i2089b8fe20154024901bdb2ea1de64ac_10"></div><div style="-sec-extract:summary"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 9.01&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</span></div><div><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)&#160;&#160;&#160;&#160;Exhibits</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following exhibits are furnished or filed herewith:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:18.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.489%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.1</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit101creditagreementt.htm">Credit Agreement dated as of February 24, 2021 between Black Hills Corporation and U.S. Bank National Association, as Administrative Agent</a></span></div></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cover Page Interactive Data File (formatted as the Inline XBRL document)</span></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><div id="i2089b8fe20154024901bdb2ea1de64ac_13"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">SIGNATURES</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="padding-left:288pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">BLACK HILLS CORPORATION</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="padding-left:288pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">By: /s/ Brian G. Iverson&#160;&#160;&#160;&#160;</span></div><div style="padding-left:288pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Brian G. Iverson</span></div><div style="padding-left:288pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Senior Vice President</span></div><div style="padding-left:288pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date:  February 24, 2021 </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div></body></html>
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bkh-20210224
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
February 24, 2021
Black Hills Corporation
(Exact name of registrant as specified in its charter)
South Dakota
(State or other jurisdiction of incorporation)
001-31303
(Commission File Number)
46-0458824
(IRS Employer Identification No.)
7001 Mount Rushmore Road
Rapid City
,
South Dakota
57702
(Address of principal executive offices)
(
605
)
721-1700
(Registrants telephone number)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(d))
☐
Pre-commencement communications pursuant to Rule 13e-e(c) under the Exchange Act (17 CFR 240.13e-4(c)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock of $1.00 par value
BKH
New York Stock Exchange
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Item 1.01 Entry into a Material Definitive Agreement.
The disclosure under Item 8.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure under Item 8.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 8.01 Other Events.
In February 2021, a prolonged period of historic cold temperatures across the central United States, which covered all of our Utilities' service territories, caused a significant increase in heating and energy demand and contributed to unforeseeable and unprecedented market prices for natural gas and electricity.  As a result of this historic event, our natural gas costs were approximately $600 million higher than our forecast base load for the month of February. This amount is a preliminary estimate through February 24, 2021 and does not include certain pipeline transportation charges that remain subject to settlement and payable in late March 2021.
To ensure we maintain adequate liquidity, on February 24, 2021, Black Hills Corporation (the "Company") entered into a credit agreement (the "Credit Agreement") with U.S. Bank National Association, as administrative agent, and the lenders party thereto.  The Credit Agreement provides an $800 million unsecured term loan, maturing on November 23, 2021, has an interest rate based on LIBOR plus 75 basis points, carries no prepayment penalty, and is subject to the same covenants as our Revolving Credit Facility.  Proceeds from the term loan will be available for settlement of February natural gas purchases and pipeline transportation charges.
We expect to repay a portion of this term loan prior to maturity and refinance the remaining portion in longer-term debt. As of February 24, 2021, we had $1.3 billion of liquidity consisting of approximately $800 million of cash and $500 million of available capacity on our Revolving Credit Facility.
Our Utilities have regulatory mechanisms to recover the increased energy costs from the record-breaking cold weather event.  However, given the extraordinary impact of these higher costs to our customers, we expect our regulators to undertake a heightened review.  We are engaged with our regulators to identify appropriate recovery periods over which to recover costs associated with this event as we continue to address the impacts to our customers' bills.
A copy of the Credit Agreement is attached hereto as Exhibit 10.1.
Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits
The following exhibits are furnished or filed herewith:
10.1
Credit Agreement dated as of February 24, 2021 between Black Hills Corporation and U.S. Bank National Association, as Administrative Agent
104
Cover Page Interactive Data File (formatted as the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BLACK HILLS CORPORATION
By: /s/ Brian G. Iverson
Brian G. Iverson
Senior Vice President
Date:  February 24, 2021