Wisconsin Power & Light prepares to offer $300 million green debentures; spread talk at 90 bps area

By Cristal Cody

Chicago, Sept. 13 – Wisconsin Power & Light Co. is preparing a new offering of fixed-rate green debentures, according to a 424B5 filing with the Securities and Exchange Commission.

A market source detailed that the company is planning to sell $300 million of the notes with a 10-year tenor.

The notes are being talked for a spread in the to 90 basis points area.

The notes have a make-whole call and then a par call a certain number of months before the maturity date.

Barclays, BofA Securities, Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC are joint bookrunners.

Comerica Securities, Inc., Siebert Williams Shank & Co., LLC, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. are co-managers.

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.

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