CEDAR RAPIDS, Iowa, June 10, 2005 (PRNewswire-FirstCall) — Interstate Power and Light Company (IPL), the Iowa utility subsidiary of Alliant Energy Corporation, announced that it completed the refinancing and consolidation of $38,385,000 in pollution control revenue bonds. The Iowa Finance Authority issued $38,385,000 aggregate principal amount of Pollution Control Facility Revenue Refunding Bonds (Interstate Power and Light Company Project) Series 2005 (the “Bonds”) which have an initial interest rate of 2.20% and will be due in 2014.
The Bonds are insured by Financial Guarantee Insurance Company (FGIC) and have been rated Aaa/AAA by Moody’s and Standard & Poor’s. The interest rate will be periodically reset through an auction process. The Iowa Finance Authority has advanced the proceeds from the issuance of the Bonds to IPL.
IPL applied the approximately $38 million in net proceeds from this offering to redeem eight separate series of pollution control revenue bonds issued by local municipal entities to finance air and water pollution control facilities and solid waste disposal facilities for electric power generating plants owned by IPL at various locations in Iowa. Interest rates on these bonds ranged from 2.65% to 6.35%.
About Alliant Energy [ www.alliantenergy.com ]
Alliant Energy is an energy-services provider that serves more than three million customers worldwide. Providing its regulated customers in the Midwest with electricity and natural gas service remains the company’s primary focus. Interstate Power and Light provides electric service to approximately 529,000 customers and natural gas service to approximately 236,000 customers. Alliant Energy is a Fortune 1000 company traded on the New York Stock Exchange under the symbol LNT.