Interstate Power and Light Company (IPL), a wholly owned subsidiary of Alliant Energy Corporation (NASDAQ: LNT), has announced the pricing of two significant public debt offerings aimed at refinancing maturing debt and supporting general corporate activities. The most recent transaction, disclosed from IPL’s headquarters in Madison, Wisconsin, on May 13, 2025, involves a $600 million public offering of 5.600% senior debentures set to mature on June 29, 2035. This latest issuance follows an earlier deal announced on September 5, 2024, which saw IPL price $650 million in senior debentures across two tranches.
According to company statements, IPL plans to use the net proceeds from the newly priced $600 million offering to retire a combination of outstanding debt—specifically, $50 million in 5.50% senior debentures maturing July 15, 2025, $250 million in other senior debentures—as well as to reduce outstanding balances under its receivables purchase and sale program, decrease outstanding commercial paper, and for general corporate purposes. The closing of this transaction is anticipated on or about May 20, 2025, pending satisfaction of customary closing requirements. Full transaction details are available here.
This offering will be marketed by a syndicate of underwriters, led by joint book-running managers, and is being conducted solely through a prospectus supplement and accompanying prospectus, which form part of a shelf registration statement filed with the Securities and Exchange Commission (SEC). Investors can obtain these documents directly from the underwriters. The company emphasized that the announcement is not a solicitation or offer to sell the securities in any jurisdiction where such action would be illegal prior to due registration.
IPL’s recent financing efforts build on its September 2024 announcement of a $650 million public debt offering, involving $350 million in 4.950% senior debentures due September 30, 2034, and $300 million in 5.450% senior debentures due September 30, 2054. Net proceeds from that issuance were earmarked to retire $500 million in 3.25% senior debentures maturing December 1, 2024, and for corporate purposes. The September offering was managed by joint book runners Barclays Capital Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and MUFG Securities Americas Inc., with additional co-managers including Academy Securities, Inc., Comerica Securities, Inc., KeyBanc Capital Markets Inc., and U.S. Bancorp Investments, Inc.
Alliant Energy, the parent company, serves customers across Iowa and Wisconsin, providing electric and natural gas services through its subsidiaries including IPL. These debt offerings are part of a broader capital management strategy as IPL continues to invest in infrastructure, strengthen its balance sheet, and support ongoing operations.
The company has advised investors that the news releases include forward-looking statements about the planned offerings and intended use of proceeds. These statements come with inherent risks and uncertainties, as outlined in filings with the SEC, including Alliant Energy’s most recent annual report on Form 10-K and subsequent filings. IPL has stated it has no obligation to update these forward-looking statements except as required by law.