By Devika Patel and Cristal Cody
Knoxville, Tenn., Sept. 13 – Wisconsin Power & Light Co. priced $300 million of 1.95% 10-year green debentures (A3/A) on Monday at a spread of Treasuries plus 63 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes were sold at 99.991 to yield 1.951%.
Initial price talk was in the Treasuries plus 90 bps area, according to a market source.
The bookrunners were Barclays, BofA Securities, Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC.
U.S. Bank NA is the trustee.
Perkins Coie LLP advised the issuer. Gibson, Dunn & Crutcher LLP worked as counsel to the underwriters.
Proceeds will be used for construction and development of eligible green projects.
The Madison, Wis.-based public utility distributes electricity and natural gas to central and southern Wisconsin.
| Issuer: | Wisconsin Power & Light Co.
|
| Amount: | $300 million
|
| Description: | Green debentures
|
| Maturity: | Sept. 16, 2031
|
| Bookrunners: | Barclays, BofA Securities, Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Comerica Securities, Inc., Siebert Williams Shank & Co., LLC, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
|
| Coupon: | 1.95%
|
| Price: | 99.991
|
| Yield: | 1.951%
|
| Spread: | Treasuries plus 63 bps
|
| Call feature: | Make-whole call before June 16, 2031 at Treasuries plus 10 bps; thereafter at par
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 16
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 90 bps area
|
| Cusip: | 976826BP1
|
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