Will NiSource's (NI) Bigger 2030 Credit Line Reshape Its Long-Term Infrastructure Investment Narrative?

• On December 11, 2025, NiSource Inc. entered into a Seventh Amended and Restated Revolving Credit Agreement, lifting its revolving credit facility by US$650 million to US$2.50 billion, extending the termination date to December 11, 2030, and expanding standby letter of credit capacity to US$175 million while revising several covenant thresholds.
• By enlarging and extending this core credit facility and removing ESG-linked rate adjustments, NiSource has materially increased its financial flexibility and simplified its funding costs, which could influence how investors assess its long-term infrastructure investment plans.
• We’ll now examine how this expanded US$2.50 billion revolving credit line and longer 2030 maturity affect NiSource’s existing investment narrative.

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NiSource Investment Narrative Recap

To own NiSource, you need to be comfortable with a regulated utility that is heavily reinvesting in gas and electric infrastructure while managing balance sheet pressure and rate case outcomes. The larger US$2.50 billion revolving credit line modestly eases near term funding risk for that capital plan, but it does not change the core catalyst around execution on approved projects or the key risk of regulatory pushback and cash flow strain from high capex and interest costs.

The recent follow on equity offerings, totaling about US$2.35 billion in 2025, sit alongside this expanded credit facility and highlight how NiSource is funding its US$19.4 billion five year investment plan. For investors, the combination of more committed bank liquidity and fresh equity ties directly into the main catalyst around GenCo enabled growth and modernization, but also sharpens focus on whether returns on this growing capital base keep pace with dilution and higher financing needs.

Yet while this extra liquidity extends NiSource’s runway, investors should be aware that rising leverage and large, ongoing capex could still...

Read the full narrative on NiSource (it's free!)

NiSource's narrative projects $6.8 billion revenue and $1.1 billion earnings by 2028.

Uncover how NiSource's forecasts yield a $46.36 fair value, a 12% upside to its current price.

Exploring Other Perspectives

Three members of the Simply Wall St Community value NiSource between US$34.19 and US$46.36 per share, underscoring how far views can diverge. You may want to weigh these opinions against the company’s heavy, long duration infrastructure spending and what that could mean for future financing costs and earnings resilience.

Explore 3 other fair value estimates on NiSource - why the stock might be worth as much as 12% more than the current price!

Build Your Own NiSource Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your NiSource research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free NiSource research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate NiSource's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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