Interstate Power and Light Company (IPL), a wholly owned subsidiary of Alliant Energy Corporation LNT, +0.65% announced the pricing of its inaugural public offering of $500 million aggregate principal amount of 4.100% senior debentures yesterday.
An amount equal to or in excess of the net proceeds from the offering will be or have been used for the construction and development of wind and solar electric generating facilities. The senior debentures have an interest rate of 4.100% and will be due on September 26, 2028. The closing of the offering is expected to occur on September 26, 2018, subject to customary closing conditions.
The offering was marketed through a group of underwriters consisting of Goldman Sachs & Co. LLC, MUFG, and Wells Fargo Securities as joint book-running managers, and Comerica Securities, KeyBanc Capital Markets, US Bancorp, Mischler Financial Group, Inc., and Ramirez & Co., Inc. as co-managers. The offering is being made only by means of a prospectus supplement and accompanying prospectus which are part of a shelf registration statement IPL filed with the Securities and Exchange Commission (the “Commission”).
Alliant Energy Corporation’s Iowa utility subsidiary, Interstate Power and Light Company (IPL), utilizes the trade name of Alliant Energy LNT, +0.65% The Iowa utility is based in Cedar Rapids, Iowa.
This is the company’s inaugural public offering of green bonds. It is expected to close on September 26. The proceeds will support the construction and development of wind and solar power plants.
In April it was announced that the Iowa Utilities Board had given the green light to a plan by IPL to add 1,000 MW of new wind power capacity in the state by 2020. The list of planned projects includes the 300-MW Upland Prairie Wind Farm in Clay and Dickinson counties, and the 170-MW English Farms Wind Farm in Poweshiek County.
Sachs & Co LLC, Mitsubishi UFJ Financial Group (MUFG) and Wells Fargo Securities have been appointed joint book-running managers for the debenture offering, while Comerica Securities, KeyBanc Capital Markets, US Bancorp, Mischler Financial Group Inc and Ramirez & Co Inc act as co-managers.
Source Market Watch