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Published on 9/19/2019 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.

New Issue: Interstate Power sells $300 million 3.5% 30-year green debentures at 130 bps spread

By Cristal Cody

Tupelo, Miss., Sept. 19 – Interstate Power and Light Co. sold $300 million of 3.5% 30-year green senior debentures (Baa1/A-) on Thursday at a spread of 130 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The bonds priced at 99.668 to yield 3.518%.

J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities, LLC were the bookrunners.

Proceeds will be used for construction and development of wind farms under the company’s list of eligible green projects.

The electric and natural gas subsidiary of Alliant Energy Corp. is based in Cedar Rapids, Iowa.

Issuer:Interstate Power and Light Co.
Amount:$300 million
Description:Green senior debentures
Maturity:Sept. 30, 2049
Bookrunners:J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities, LLC
Co-managers:Comerica Securities, Inc., Mischler Financial Group, Inc. and Williams Capital Group, LP
Coupon:3.5%
Price:99.668
Yield:3.518%
Spread:Treasuries plus 130 bps
Call features:Make-whole call before March 30, 2049 at Treasuries plus 20 bps; thereafter at par
Trade date:Sept. 19
Settlement date:Sept. 26
Ratings:Moody’s: Baa1
S&P: A-
Distribution:SEC registered

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