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Alliant Energy talks $500 million three-year convertibles to yield 3.375%-3.875%, up 25%-30%
By Abigail W. Adams
Portland, Me., Feb. 27 – Alliant Energy Corp. plans to price $500 million of three-year convertible notes (/BBB+) after the market close on Monday with price talk for a coupon of 3.375% to 3.875% and an initial conversion premium of 25% to 30%, according to a market source.
J.P. Morgan Securities LLC, BofA Securities Inc. and Goldman Sachs & Co. LLC are bookrunners for the Rule 144A offering, which carries a greenshoe of $75 million.
The notes are non-callable.
There is takeover protection via a make-whole adjustment premium delivered upon conversion as incremental shares.
There is dividend protection above $0.4525 per quarter via a conversion rate adjustment.
The notes will be settled in cash up to the principal amount with the remainder to be settled in cash, shares or a combination of both at the company’s option.
Proceeds will be used for general corporate purposes, which may include the repayment or refinancing of debt, acquisition expenditures, investments and repurchases or redemptions of securities.
Alliant Energy is a Madison, Wis.-based public utility holding company.
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