By Andrea Heisinger
New York, Oct. 1 - Interstate Power & Light Co. priced $250 million of 7.25% 10-year senior debentures Wednesday to yield Treasuries plus 358.2 basis points, according to an FWP filing with the Securities and Exchange Commission.
The debentures (A3/BBB+/) priced at 99.129 to yield 7.375%. They have a make-whole redemption option of Treasuries plus 50 bps.
Bookrunners were Barclays Capital Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.
Co-managers were Bank of New York Capital Markets, Lazard Capital Markets and RBS Greenwich Capital.
Proceeds will be used to repay short-term debt, to invest in short-term assets and to redeem $13.3 million in long-term debt. The remainder will be used to fund capital expenditures.
The utility subsidiary of Alliant Energy is based in Cedar Rapids, Iowa.
| Issuer: | Interstate Power & Light Co.
|
| Issue: | Senior debentures
|
| Amount: | $250 million
|
| Maturity: | Oct. 1, 2018
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
|
| Co-managers: | Bank of New York Capital Markets, Lazard Capital Markets, RBS Greenwich Capital
|
| Coupon: | 7.25%
|
| Price: | 99.129
|
| Yield: | 7.375%
|
| Spread: | Treasuries plus 358.2 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Oct. 1
|
| Settlement date: | Oct. 6
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
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