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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>UNITED STATES<font style="font-family: Times New Roman, Times, serif; font-size: 18pt;">&nbsp;</font></b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Washington, D.C. 20549</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>FORM 8-K</b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>CURRENT REPORT</b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 12pt;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 12pt;">Date of report (Date of earliest event reported): <font style="font-family: Times New Roman, Times, serif; font-size: 12pt;">November 14, 2017</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>OTTER TAIL <font style="font-family: Times New Roman, Times, serif; font-size: 18pt;">CORPORATION</font></b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Exact name of registrant as specified in its charter)</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<td style="width: 33%; padding-left: 18pt;">Minnesota</td>
			<td style="width: 33%; padding-left: 9pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">0-53713</font></td>
			<td style="width: 33%;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">27-0383995</font></td>
		</tr>
		<tr>
			<td>
			<p style="margin: 0pt; text-align: left;">(State or other jurisdiction</p>

			<p style="margin: 0pt;">o<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">f incorporation)</font></p>
			</td>
			<td>
			<p style="margin: 0pt;">(Commission</p>

			<p style="margin: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">File Number)</font></p>
			</td>
			<td>
			<p style="margin: 0pt;">(I.R.S. Employer</p>

			<p style="margin: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Identification No.)</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

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		<tr>
			<td colspan="1" rowspan="1" style="width: 66%;">215 South Cascade Street, P.O. Box 496, Fergus Falls, MN</td>
			<td style="width: 34%;">56538-0496</td>
		</tr>
		<tr>
			<td style="width: 66%;">(Address of principal executive offices)</td>
			<td style="width: 34%;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(Zip Code)</font></td>
		</tr>

</table>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Registrant&#39;s telephone number, including area code: (866) 410-8780</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">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:</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt;">__ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt;">__ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="text-align: left; text-indent: -13.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13.5pt;">__ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="text-align: left; text-indent: -13.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13.5pt;">__ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Emerging growth company __</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">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. __</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Item<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;1.01.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Entry into a Material Definitive Agreement.</font></b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">On <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">November 14, 2017, Otter Tail Power Company (the &ldquo;Company&rdquo;), a wholly owned subsidiary of Otter Tail Corporation (&ldquo;OTC&rdquo;), entered into a Note Purchase Agreement (the &ldquo;Note Purchase Agreement&rdquo;) with the Purchasers named therein, pursuant to which the Company has agreed to issue to the Purchasers, in a private placement transaction, $100 million aggregate principal amount of the Company&rsquo;s 4.07% Series 2018A Senior Unsecured Notes due February 7, 2048 (the &ldquo;Notes&rdquo;). The Notes are expected to be issued on February 7, 2018, subject to the satisfaction of certain customary conditions to closing. </font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Note Purchase Agreement <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">states that the Company may prepay all or any part of the Notes (in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment) at 100% of the principal amount so prepaid, together with unpaid accrued interest and a make-whole amount; provided that if no default or event of default exists under the Note Purchase Agreement, any prepayment made by the Company of all of the Notes then outstanding on or after August 7, 2047 will be made without any make-whole amount. The Note Purchase Agreement also requires the Company to offer to prepay all outstanding Notes at 100% of the principal amount together with unpaid accrued interest in the event of a Change of Control (as defined in the Note Purchase Agreement) of the Company. </font></p>

<p style="margin: 0pt; text-align: left; text-indent: 13.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 13.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Note Purchase Agreement contains a number of restrictions on the business of <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">the Company that will be effective upon execution of the Note Purchase Agreement. These include restrictions on the Company&rsquo;s abilities to merge, sell assets, create or incur liens on assets, guarantee the obligations of any other party, and engage in transactions with related parties. The Note Purchase Agreement also contains other negative covenants and events of default, as well as certain financial covenants. Specifically, the Company may not permit its Interest-bearing Debt (as defined in the Note Purchase Agreement) to exceed 60% of Total Capitalization (as defined in the Note Purchase Agreement), determined as of the end of each fiscal quarter. The Company is also restricted from allowing its Priority Indebtedness (as defined in the Note Purchase Agreement) to exceed 20% of Total Capitalization, determined as of the end of each fiscal quarter. The Note Purchase Agreement does not include provisions for the termination of the agreement or the acceleration of repayment of amounts outstanding due to changes in the Company&rsquo;s credit ratings. The Note Purchase Agreement includes a &ldquo;most favored lender&rdquo; provision generally requiring that in the event the Company&rsquo;s existing credit agreement or any renewal, extension or replacement thereof, at any time contains any financial covenant or other provision providing for limitations on interest expense and such a covenant is not contained in the Note Purchase Agreement under substantially similar terms or would be more beneficial to the holders of the Notes than any analogous provision contained in the Note Purchase Agreement (an &ldquo;Additional Covenant&rdquo;), then unless waived by the Required Holders (as defined in the Note Purchase Agreement), the Additional Covenant will be deemed to be incorporated into the Note Purchase Agreement. The Note Purchase Agreement also provides for the amendment, modification or deletion of an Additional Covenant if such Additional Covenant is amended or modified under or deleted from the credit agreement, provided that no default or event of default has occurred and is continuing. </font></p>

<p style="margin: 0pt; text-align: left; text-indent: 13.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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<div id="PGNUM" style="width: 100%; text-align: center;">2</div>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">intends to use the proceeds of the Notes to refinance existing indebtedness under the Company&rsquo;s revolving credit facilities.</font></p>

<p style="margin: 0pt; text-align: left; text-indent: 13.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">The summary in this Item 1.01 of the material terms of the Note Purchase Agreement is qualified in its entirety by reference to the full text of the Note Purchase Agreement, a copy of which is filed as Exhibit 4.1 hereto and incorporated herein by reference.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></font></p>

<p style="margin: 0pt; text-align: left; text-indent: 13.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">JPMorgan <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Securities LLC (&ldquo;JPMS&rdquo;) and KeyBanc Capital Markets acted as placement agents (the &ldquo;Agents&rdquo;) in connection with the Notes. The Agents and certain of their affiliates have had, and may in the future have, investment banking and other commercial dealings with the Company and its other affiliates, for which the Agents or their affiliates have received and may in the future receive customary compensation. Such dealings have included the following: </font></p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt; vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(i)</p>
			</td>
			<td style="vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">JPMorgan Chase Bank, N.A. (&ldquo;JPMorgan&rdquo;), an affiliate of JPMS<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">, and KeyBank National Association (&rdquo;KeyBank&rdquo;), an affiliate of KeyBanc Capital Markets, are parties to OTC&rsquo;s Third Amended and Restated Credit Agreement, as amended as of October 31, 2017; </font></p>
			</td>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt; vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(ii)</p>
			</td>
			<td style="vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">JPMorgan and KeyBank are parties to the Company<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s Second Amended and Restated Credit Agreement, as amended as of October 31, 2017; </font></p>
			</td>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt; vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(iii)</p>
			</td>
			<td style="vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">JPMorgan acted as administrative agent and JPMS acted as lead arranger and book <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">runner in connection with a Term Loan Agreement with OTC entered into on February 5, 2016 for a $50 million unsecured two-year term loan; </font></p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt; vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(iv)</p>
			</td>
			<td style="vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">JPMS entered into a Distribution Agreement with OTC on May 11, 2015, pursuant to which OTC may offer and sell its common shares, par value $5.00 per share, from time to time through JPMS, as <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">OTC&rsquo;s distribution agent for the offer and sale of the shares, up to an aggregate sales price of $75,000,000; </font></p>
			</td>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt; vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(v)</p>
			</td>
			<td style="vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">KeyBank was OTC<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s investment banker in connection with the dispositions of Aevenia, Inc. (closed February 28, 2015) and Foley Company (closed April 30, 2015); and</font></p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt; vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">(vi)</p>
			</td>
			<td style="vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">JPMS acted as <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">sole placement agent in connection with a note purchase agreement entered into on August 14, 2013 for the private placement of $60 million aggregate principal amount of the Company&rsquo;s 4.68% Series A Senior Unsecured Notes due February 27, 2029 and $90 million aggregate principal amount of the Company&rsquo;s 5.47% Series B Senior Unsecured Notes due February 27, 2044, both issued on February 27, 2014.</font></p>
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<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Item 2.03 <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</font></b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: left; text-indent: 49.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The information contained in Item 1.01 above regarding the Company&rsquo;s entry into the Note Purchase Agreement is incorporated herein by reference. </font></p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 14.4pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Item 9<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">.01&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Financial Statements and Exhibits</font></b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: left; text-indent: 18pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 63pt; text-align: left; text-indent: -27pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;4.1&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="ex_100612.htm" style="-sec-extract: exhibit;">Note Purchase Agreement dated as of November 14, 2017 between Otter Tail Power Company and the Purchasers named therein.<b> </b></a></font></p>

<p style="margin: 0pt 0pt 0pt 72pt; text-align: left; text-indent: -27pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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<div id="PGNUM" style="width: 100%; text-align: center;">3</div>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Signature</b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">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, thereunto duly authorized<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">.</font></p>

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			<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman; font-size: 10pt;">&nbsp;</font>OTTER TAIL CORPORATION</p>
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			<p style="margin-top: 0px; margin-bottom: 0px;">Date:<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> November 16, 2017</font></p>
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			<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman; font-size: 10pt;">By: </font></p>
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			<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman; font-size: 10pt;">/s/&nbsp;</font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Kevin G. Moug</font></p>
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			<p style="margin: 0pt;">Name: <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Kevin G. Moug</font></p>

			<p style="margin: 0pt;">Title: <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Chief Financial Officer</font></p>
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ottr20171115_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
November 14, 2017
OTTER TAIL
CORPORATION
(Exact name of registrant as specified in its charter)
Minnesota
0-53713
27-0383995
(State or other jurisdiction
o
f incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
215 South Cascade Street, P.O. Box 496, Fergus Falls, MN
56538-0496
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (866) 410-8780
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:
__ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
__ Soliciting material 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(b))
__ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
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. __
Item
1.01.          Entry into a Material Definitive Agreement.
On
November 14, 2017, Otter Tail Power Company (the "Company"), a wholly owned subsidiary of Otter Tail Corporation ("OTC"), entered into a Note Purchase Agreement (the "Note Purchase Agreement") with the Purchasers named therein, pursuant to which the Company has agreed to issue to the Purchasers, in a private placement transaction, $100 million aggregate principal amount of the Company's 4.07% Series 2018A Senior Unsecured Notes due February 7, 2048 (the "Notes"). The Notes are expected to be issued on February 7, 2018, subject to the satisfaction of certain customary conditions to closing.
The Note Purchase Agreement
states that the Company may prepay all or any part of the Notes (in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment) at 100% of the principal amount so prepaid, together with unpaid accrued interest and a make-whole amount; provided that if no default or event of default exists under the Note Purchase Agreement, any prepayment made by the Company of all of the Notes then outstanding on or after August 7, 2047 will be made without any make-whole amount. The Note Purchase Agreement also requires the Company to offer to prepay all outstanding Notes at 100% of the principal amount together with unpaid accrued interest in the event of a Change of Control (as defined in the Note Purchase Agreement) of the Company.
The Note Purchase Agreement contains a number of restrictions on the business of
the Company that will be effective upon execution of the Note Purchase Agreement. These include restrictions on the Company's abilities to merge, sell assets, create or incur liens on assets, guarantee the obligations of any other party, and engage in transactions with related parties. The Note Purchase Agreement also contains other negative covenants and events of default, as well as certain financial covenants. Specifically, the Company may not permit its Interest-bearing Debt (as defined in the Note Purchase Agreement) to exceed 60% of Total Capitalization (as defined in the Note Purchase Agreement), determined as of the end of each fiscal quarter. The Company is also restricted from allowing its Priority Indebtedness (as defined in the Note Purchase Agreement) to exceed 20% of Total Capitalization, determined as of the end of each fiscal quarter. The Note Purchase Agreement does not include provisions for the termination of the agreement or the acceleration of repayment of amounts outstanding due to changes in the Company's credit ratings. The Note Purchase Agreement includes a "most favored lender" provision generally requiring that in the event the Company's existing credit agreement or any renewal, extension or replacement thereof, at any time contains any financial covenant or other provision providing for limitations on interest expense and such a covenant is not contained in the Note Purchase Agreement under substantially similar terms or would be more beneficial to the holders of the Notes than any analogous provision contained in the Note Purchase Agreement (an "Additional Covenant"), then unless waived by the Required Holders (as defined in the Note Purchase Agreement), the Additional Covenant will be deemed to be incorporated into the Note Purchase Agreement. The Note Purchase Agreement also provides for the amendment, modification or deletion of an Additional Covenant if such Additional Covenant is amended or modified under or deleted from the credit agreement, provided that no default or event of default has occurred and is continuing.
2
The Company
intends to use the proceeds of the Notes to refinance existing indebtedness under the Company's revolving credit facilities.
The summary in this Item 1.01 of the material terms of the Note Purchase Agreement is qualified in its entirety by reference to the full text of the Note Purchase Agreement, a copy of which is filed as Exhibit 4.1 hereto and incorporated herein by reference.
JPMorgan
Securities LLC ("JPMS") and KeyBanc Capital Markets acted as placement agents (the "Agents") in connection with the Notes. The Agents and certain of their affiliates have had, and may in the future have, investment banking and other commercial dealings with the Company and its other affiliates, for which the Agents or their affiliates have received and may in the future receive customary compensation. Such dealings have included the following:
(i)
JPMorgan Chase Bank, N.A. ("JPMorgan"), an affiliate of JPMS
, and KeyBank National Association ("KeyBank"), an affiliate of KeyBanc Capital Markets, are parties to OTC's Third Amended and Restated Credit Agreement, as amended as of October 31, 2017;
(ii)
JPMorgan and KeyBank are parties to the Company
's Second Amended and Restated Credit Agreement, as amended as of October 31, 2017;
(iii)
JPMorgan acted as administrative agent and JPMS acted as lead arranger and book
runner in connection with a Term Loan Agreement with OTC entered into on February 5, 2016 for a $50 million unsecured two-year term loan;
(iv)
JPMS entered into a Distribution Agreement with OTC on May 11, 2015, pursuant to which OTC may offer and sell its common shares, par value $5.00 per share, from time to time through JPMS, as
OTC's distribution agent for the offer and sale of the shares, up to an aggregate sales price of $75,000,000;
(v)
KeyBank was OTC
's investment banker in connection with the dispositions of Aevenia, Inc. (closed February 28, 2015) and Foley Company (closed April 30, 2015); and
(vi)
JPMS acted as
sole placement agent in connection with a note purchase agreement entered into on August 14, 2013 for the private placement of $60 million aggregate principal amount of the Company's 4.68% Series A Senior Unsecured Notes due February 27, 2029 and $90 million aggregate principal amount of the Company's 5.47% Series B Senior Unsecured Notes due February 27, 2044, both issued on February 27, 2014.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information contained in Item 1.01 above regarding the Company's entry into the Note Purchase Agreement is incorporated herein by reference.
Item 9
.01               Financial Statements and Exhibits
(d)    Exhibits
4.1
Note Purchase Agreement dated as of November 14, 2017 between Otter Tail Power Company and the Purchasers named therein.
3
Signature
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, thereunto duly authorized
.
OTTER TAIL CORPORATION
Date:
November 16, 2017
By:
/s/
Kevin G. Moug
Name:
Kevin G. Moug
Title:
Chief Financial Officer
4