Wisconsin Power and Light Company, a wholly owned subsidiary of Alliant Energy Corporation, priced a $300 million public offering of 5.700 % debentures due 2055 on December 2, 2025. The debentures will be sold at a principal amount of $300 million and are expected to close on December 5, 2025, subject to customary closing conditions. The offering is being marketed by a group of underwriters that includes Mizuho Securities USA, Wells Fargo Securities, BofA Securities, MUFG Securities, Academy Securities, PNC Capital Markets, and U.S. Bancorp Investments.
The primary purpose of the issuance is to replace short‑term commercial paper and to provide general corporate liquidity. The proceeds will support Alliant Energy’s ongoing capital‑expenditure plans, including investments in renewable energy projects and infrastructure upgrades to meet growing demand from data‑center customers. By issuing longer‑term debt, the company can lock in a 5.7 % coupon and reduce refinancing risk associated with maturing commercial paper.
Alliant Energy’s recent credit rating history adds context to the transaction. In March 2025, S&P Global Ratings lowered Alliant Energy Corp. to BBB+ from A‑ and Wisconsin Power & Light Co. to A‑ from A, citing weak financial metrics and higher leverage from capital spending. As of September 30, 2025, the company’s total debt stood at $11.9 billion against $7.3 billion in equity, yielding a debt‑to‑equity ratio of 163 % and an interest‑coverage ratio of 2.1×. The $300 million debenture issuance is part of a broader pattern of capital raising, following a $725 million junior subordinated note offering due 2056 in September 2025.
Lisa Barton, Alliant Energy’s President and CEO, said the company remains on track to meet its full‑year earnings and dividend targets. She noted that the company’s “solid operating performance” supports its confidence in growth, while acknowledging the need to manage debt levels amid a higher leverage environment. The debenture proceeds will help maintain liquidity and support the company’s strategic investment agenda.
The issuance will increase Alliant Energy’s total debt but is expected to be manageable within its capital‑structure framework. The longer‑term nature of the debentures provides a stable financing base that can support future capital‑expenditure initiatives without adding significant short‑term refinancing risk. Investors should monitor the company’s debt‑to‑equity ratio and interest‑coverage ratio as the company continues to raise capital to fund growth.
No immediate market reaction was reported for this routine debt offering, which is typical for utility companies’ financing events. The transaction is viewed as a standard liquidity and capital‑structure management move rather than a signal of distress or strategic shift.
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