Alliant Energy increases common stock dividend 5%

MADISON, Wis., Oct. 12, 2004 (PRNewswire-FirstCall) — The Board of Directors of Alliant Energy Corp. approved an increase in the company’s quarterly common stock dividend from $0.25 per share to $0.2625 per share, which is equivalent to an annual rate of $1.05 per share. The Board declared third quarter dividends payable Nov. 15, 2004, to shareowners of record on Oct. 29, 2004. Dividends on common stock have been paid for 236 consecutive quarters since 1946.

“Our Board recognizes that dividends are an integral part of the total value that we provide our shareowners. We will continue to evaluate and carefully balance all factors associated with our dividend policy, including our ability to grow earnings, the capital needs of the company and our strong desire to provide our shareowners with a competitive return on their investment,” said Erroll B. Davis, Jr., Alliant Energy’s chairman and chief executive officer.

Additionally, the company announced that it has completed its common stock issuance for 2004 under the continuous equity offering program launched in May 2004. Through this program, the company raised proceeds of approximately $90 million. Alliant Energy intends to continue to issue modest amounts of equity through both its dividend reinvestment plan as well as its 401(k) program, the proceeds of which are approximately $18 million thus far in 2004.

As of September 30, 2004, Alliant Energy had a total of 115.5 million common shares outstanding.

Separately, the company announced its intent to issue NZ$100 million of redeemable preference shares secured by its investment in TrustPower Ltd. to take advantage of the strength of the New Zealand currency. The approximately US$65 million proceeds from this transaction will be repatriated to Alliant Energy Resources, the parent company of the non-regulated businesses, and will be available for further debt reduction at that level.

Upon closing the New Zealand financing transaction, the company will have successfully completed its planned long-term financings for 2004 aside from the modest amounts of equity to be issued as described above.

Alliant Energy is an energy-services provider that serves more than three million customers worldwide. Providing its customers in the Midwest with regulated electricity and natural gas service remains the company’s primary focus. Alliant Energy, headquartered in Madison, Wis., is a Fortune 1000 company traded on the New York Stock Exchange under the symbol LNT. For more information, visit the company’s Web site at http://www.alliantenergy.com.

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