Alliant Energy’s IPL Subsidiary Prices $600 Million in Senior Debentures Due 2035

Interstate Power and Light Company (IPL), a subsidiary of Alliant Energy Corporation (Nasdaq: LNT), has announced the pricing of a $600 million public offering of 5.600% Senior Debentures due 2035.
The offering, which is expected to close on May 19, 2025, is being made under IPL’s automatic shelf registration filed with the SEC on December 15, 2023. The debentures are being issued under the company’s 2003 indenture with The Bank of New York Mellon Trust Company, N.A., and detailed in an officer’s certificate filed concurrently.
Proceeds from the offering will support general corporate purposes. The underwriting syndicate includes BofA Securities, Mizuho Securities, MUFG Securities Americas, and Wells Fargo Securities.
Legal opinions were provided by Perkins Coie LLP (federal matters) and Simmons Perrine Moyer Bergman PLC (Iowa law). IPL’s press release regarding the offering was also filed as part of the Form 8-K.

Alliant Energy Launches $1.3 Billion At-the-Market Equity Program

Alliant Energy has entered into a distribution agreement enabling the sale of up to $1.3 billion in common stock through multiple financial institutions acting as sales agents and forward purchasers. The shares may be sold via standard market transactions, block trades, or other negotiated methods. Alongside direct issuances, the company may also engage in forward sale agreements, where forward purchasers will initially sell borrowed shares to hedge future settlement obligations.

Proceeds from the offering are intended for general corporate purposes, such as debt repayment, capital expenditures, and working capital. Alliant will not receive immediate funds from forward sales but expects proceeds upon the physical settlement of those agreements. The company also reserves the right to sell shares directly to agents acting as principals under separate terms.

Participating financial institutions are also involved in Alliant's existing credit facilities, potentially receiving additional fees for related services.

John O. Larsen announced his plan to retire as Chairman of the Board and as a member of the Boards of Alliant Energy Corporation, Interstate Power and Light Company, and Wisconsin Power and Light Company after his term expires following the 2025 Annual Meeting of Shareowners. Patrick E. Allen, a board member since 2011, has been designated as the new Board Chair, effective after the meeting.

Alliant Energy Corporation announced that its wholly-owned subsidiary, Alliant Energy Finance, LLC, has entered into a one-year second amended and restated term loan credit agreement with U.S. Bank National Association and multiple lenders. The agreement provides an initial principal amount of $300 million, with an option for an additional $100 million, though lenders are not obligated to provide the incremental funds. The loan matures on March 2, 2026.

The credit facility will be used to refinance existing debt and for general corporate purposes. Alliant Energy has guaranteed the obligations of its subsidiary under the agreement.

Key covenants include maintaining a debt-to-capital ratio not exceeding 65% and restrictions on placing liens on company property, with certain exceptions. Additionally, any asset sales exceeding 25% of Alliant Energy’s consolidated assets, with some exclusions, must be used to reduce certain debt commitments.

The agreement includes a cross-default provision that would be triggered if Alliant Energy or its domestic subsidiaries default on debt of $100 million or more. In the case of an event of default, lenders may demand immediate repayment of outstanding obligations.

This agreement amends and restates an existing credit agreement with the same administrative agent and lenders.