Interstate Power and Light Prices Public Offering of 3.25% Debentures Due 2024 for USD250 Million

Published: Nov 09 2017
Deal Summary

Interstate Power and Light Company, a power generation and distribution company and a subsidiary of Alliant Energy Corporation, has priced the public offering of 3.25% senior debentures due December 1, 2024, for gross proceeds of USD250 million. The debentures will be issued at 100.957% of the principal amount and will yield 3.093% upon maturity.

Interest on the debentures will be paid semi-annually on June 1 and December 1 of each year, commencing on December 1, 2017. Prior to September 1, 2024, the debentures may be redeemed at make-whole call at Treasury +15 bps, and redeemed at par on or after September 1, 2024.

Earlier, the company agreed to issue 3.25% senior debentures due 2024, in a public offering.

BNY Mellon Capital Markets, LLC, Mizuho Securities USA LLC, and Wells Fargo Securities, LLC are acting as joint book-running managers, Comerica Securities, Inc., KeyBanc Capital Markets Inc., and Samuel A. Ramirez & Company, Inc. are acting as co-managers, Perkins Coie LLP is acting as legal advisor, and Nyemaster Goode, P.C. is acting as legal advisor for Iowa law to the company for the offering.

The company intends to use the proceeds to reduce commercial paper, reduce outstanding capital under its receivables purchase and sale program, and/or for general corporate purposes.

Deal History:

Filing: On December 15, 2014, Interstate Power and Light filed registration statement with the US Securities and Exchange Commission for time to time public offering of preferred stock; and debt securities, in one or more issuances in amounts, at prices and on terms determined at the time of offering.

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