By Wendy Van Sickle
Columbus, Ohio, March 4 – Wisconsin Power and Light Co. priced $300 million of 5.375% 10-year debentures (expected: Baa1/A) on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.81 to yield 5.399%, or a spread of 118 basis points over Treasuries.
The notes feature a make-whole call followed by a par call.
BofA Securities, Inc., Mizuho Securities USA LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC are the joint bookrunners.
An amount equal to or more than the net proceeds from this offering will be or has been used for the development and acquisition of eligible green projects. Pending the allocations or disbursements for eligible green projects, proceeds from the new debentures may be used to reduce commercial paper borrowings or temporarily placed in short-term investments.
The public utility is based in Madison, Wis.
| Issuer: | Wisconsin Power and Light Co.
|
| Amount: | $300 million
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| Issue: | Debentures
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| Maturity: | March 30, 2034
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| Bookrunners: | BofA Securities, Inc., Mizuho Securities USA LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Siebert Williams Shank & Co., LLC and U.S. Bancorp Investments, Inc.
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Perkins Coie LLP
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| Counsel to underwriters: | Gibson, Dunn & Crutcher LLP
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| Coupon: | 5.375%
|
| Price: | 99.81
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| Yield: | 5.399%
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| Spread: | Treasuries plus 118 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before Dec. 30, 2033; par call after that
|
| Trade date: | March 4
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| Settlement date: | March 7
|
| Expected ratings: | Moody’s: Baa1
|
| S&P: A
|
| Distribution: | SEC registered
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| Cusip: | 976826BS5
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