Cedar Rapids, Iowa-based Interstate Power and Light Co., (IPL), an Alliant Energy company, has priced a public offering of $300 million aggregate principal amount of senior debentures. The senior debentures have an interest rate of 6.25% and will be due in 2039.
IPL intends to apply the approximately $295.2 million in net proceeds from this offering initially to repay short-term debt, including that incurred to fund capital expenditures on an interim basis, and invest in short-term assets thereafter to redeem $135 million of long-term debt and fund capital expenditures, including new wind generation, environmental projects and other utility capital projects, and for general working capital purposes.
The offering was marketed through a group of underwriters, including Banc of America Securities LLC, Wells Fargo Securities LLC, Mitsubishi UFJ Securities (USA) Inc. and RBS Securities Inc. as joint book-running managers, and Commerzbank Capital Markets Corp. and Mizuho Securities USA Inc. as co-managers.
SOURCE: Alliant Energy