By Cristal Cody
Tupelo, Miss., March 30 – Wisconsin Power & Light Co. sold $350 million of 3.65% 30-year debentures on Monday at 99.873 to yield 3.657% and a spread of 235 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds (A3/A) were initially talked to price at the Treasuries plus 287.5 bps area.
BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to reduce borrowings under the company’s revolving credit facility and for general corporate purposes.
The Madison, Wis.-based public utility distributes electricity and natural gas to central and southern Wisconsin.
| Issuer: | Wisconsin Power & Light Co.
|
| Amount: | $350 million
|
| Description: | Debentures
|
| Maturity: | April 1, 2050
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | KeyBanc Capital Markets Inc., Siebert Williams Shank & Co. LLC and U.S. Bancorp Investments Inc.
|
| Coupon: | 3.65%
|
| Price: | 99.873
|
| Yield: | 3.657%
|
| Spread: | Treasuries plus 235 bps
|
| Call features: | Make-whole call before Oct. 1, 2049 at Treasuries plus 40 bps; thereafter at par
|
| Trade date: | March 30
|
| Settlement date: | April 2
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 287.5 bps area
|
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