01—Abstract
Summary
Summary of the 8-K filed March 7, 2024. Cited figures are marked; the original filing is the authoritative source.
On March 4, 2024, Wisconsin Power and Light Company (WPL), a subsidiary of Alliant Energy Corporation, entered into an underwriting agreement with BofA Securities, Inc., Mizuho Securities USA LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC, as representatives of the underwriters, to sell $300,000,000a aggregate principal amount of its 5.375% Debentures due 2034 in a public offering.
The offering is expected to close on March 7, 2024, subject to standard closing conditions. The debentures are being issued under a 1997 indenture with U.S. Bank Trust Company, National Association, as successor trustee, and are registered under an automatic shelf registration statement on Form S-3 filed December 15, 2023. The filing is made to file exhibits to the registration statement: the underwriting agreement, the officers' certificate setting the debenture terms, and an opinion of Perkins Coie LLP dated March 7, 2024, on the legality of the debentures.
A press release dated March 4, 2024, announces the pricing of the offering. Per the press release, the debentures will be due March 30, 2034, and an amount equal to or in excess of the net proceeds will be allocated or disbursed for the development and acquisition of solar electric generating units.
The release describes the offering as a green bond offering. For investors, the filing is a routine debt financing by a regulated utility subsidiary, with the stated use of proceeds tied to solar generation.
02—Key points
Key Highlights
- WPL priced a $300,000,000 public offering of 5.375% Debentures due 2034, agreed March 4, 2024.
- Underwriters are BofA Securities, Inc., Mizuho Securities USA LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC, as representatives, with Siebert Williams Shank & Co., LLC and U.S. Bancorp Investments, Inc. as co-managers per the press release.
- The offering is expected to close on March 7, 2024, subject to standard closing conditions.
- Proceeds are to be allocated or disbursed, in an amount equal to or in excess of net proceeds, for development and acquisition of solar electric generating units.
- The debentures are issued under a June 20, 1997 indenture with U.S. Bank Trust Company, National Association, as successor trustee, via an Officers' Certificate.
- The debentures are registered under an automatic shelf registration statement on Form S-3 (No. 333-276062-02) filed December 15, 2023, supplemented by a prospectus supplement filed March 5, 2024.
- Perkins Coie LLP issued a legality opinion dated March 7, 2024.
03—Questions
Frequently Asked Questions
What securities is WPL selling and in what amount?
WPL agreed to sell $300,000,000 aggregate principal amount of its 5.375% Debentures due 2034 in a public offering under an underwriting agreement dated March 4, 2024.
When is the offering expected to close?
The filing states the offering is expected to close on March 7, 2024, subject to standard closing conditions. The press release gives the same expected closing date.
When do the debentures mature?
The press release states the debentures will be due on March 30, 2034.
How will the proceeds be used?
According to the press release, an amount equal to or in excess of the net proceeds will be allocated or disbursed for the development and acquisition of solar electric generating units. The release describes the offering as green bonds.
Under what registration was the offering made?
The debentures are registered under an automatic shelf registration statement on Form S-3 (Registration No. 333-276062-02) that WPL filed with the SEC on December 15, 2023, supplemented by a prospectus supplement filed March 5, 2024.
04—Continue