By Aleesia Forni
Virginia Beach, Nov. 17 – Interstate Power & Light Co. sold $250 million of 3.25% 10-year senior debentures (A3/A-/) on Monday at Treasuries plus 100 basis points, according to an informed source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.255 to yield 3.338%.
The notes were sold at the tight end of talk.
Barclays, BNY Mellon Capital Markets LLC and Goldman Sachs & Co. were the joint bookrunners.
The company plans to use the proceeds for general corporate purposes, which may include the repayment or refinancing of debt, acquisitions, working capital, capital expenditures, investments and repurchases and redemptions of securities.
Interstate Power & Light is a Cedar Rapids, Iowa-based public utility.
| Issuer: | Interstate Power & Light Co.
|
| Amount: | $250 million
|
| Description: | Senior debentures
|
| Maturity: | Dec. 1, 2024
|
| Bookrunners: | Barclays, BNY Mellon Capital Markets LLC, Goldman Sachs & Co.
|
| Co-managers: | Robert W. Baird & Co. Inc., Samuel A. Ramirez & Co. Inc., Williams Capital Group LP
|
| Coupon: | 3.25%
|
| Price: | 99.255
|
| Yield: | 3.338%
|
| Spread: | Treasuries plus 100 bps
|
| Make-whole call: | Treasuries plus 15 bps prior to Sept. 1, 2024, then callable at par
|
| Trade date: | Nov. 17
|
| Settlement date: | Nov. 24
|
| Ratings: | Moody’s: A3
|
| Standard & Poor's: A-
|
| Price talk: | Treasuries plus 100 bps to 105 bps
|
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