Alliant Energy Sells Gas Pipeline for $1.2B

TL;DR

Alliant Energy selling its gas pipeline biz to BlackRock for $1.2B, closing Q1 2025.

AI Summary

Alliant Energy Corp. announced on September 4, 2024, that it has entered into a definitive agreement to sell its approximately 1,000-mile interstate natural gas pipeline business, Interstate Power and Light Company (IP&L), to an affiliate of BlackRock for approximately $1.2 billion. The transaction is expected to close in the first quarter of 2025, subject to regulatory approvals.

Why It Matters

This divestiture allows Alliant Energy to focus on its regulated utility businesses and accelerate its clean energy transition, potentially leading to improved financial flexibility and strategic alignment.

Risk Assessment

Risk Level: medium — The transaction is subject to regulatory approvals, which could delay or prevent its completion, and the actual sale price may be affected by market conditions.

Key Numbers

• $1.2B — Sale Price (for the interstate natural gas pipeline business)
• 1,000 miles — Pipeline Length (of interstate natural gas pipeline business)
• Q1 2025 — Expected Closing (for the transaction)

Key Players & Entities

• Alliant Energy Corp. (company) — Seller
• Interstate Power and Light Company (IP&L) (company) — Divested Asset
• BlackRock (company) — Buyer
• $1.2 billion (dollar_amount) — Sale Price
• September 4, 2024 (date) — Agreement Date
• first quarter of 2025 (date) — Expected Closing Date

FAQ

Key Financial Figures

• $0.01 — liant Energy Corporation, Common Stock, $0.01 Par Value , Trading Symbol LNT , Nasdaq
• $350 million — s and conditions set forth therein, (i) $350 million aggregate principal amount of IPL's 4.9
• $300 million — es due 2034 (the "2034 Debentures") and $300 million aggregate principal amount of IPL's 5.4

Filing Documents

• lnt-20240904.htm (8-K) — 41KB
• lnt090420248-kex11.htm (EX-1.1) — 297KB
• lnt090420248-kex41.htm (EX-4.1) — 79KB
• lnt090420248-kex51.htm (EX-5.1) — 16KB
• lnt090420248-kex52.htm (EX-5.2) — 19KB
• lnt090420248-kex991.htm (EX-99.1) — 10KB
• alliantenergylogo.jpg (GRAPHIC) — 327KB
• image_1.jpg (GRAPHIC) — 25KB
• image_2a.jpg (GRAPHIC) — 3KB
• imagea.jpg (GRAPHIC) — 7KB
• 0000352541-24-000092.txt ( ) — 1171KB
• lnt-20240904.xsd (EX-101.SCH) — 3KB
• lnt-20240904_def.xml (EX-101.DEF) — 14KB
• lnt-20240904_lab.xml (EX-101.LAB) — 26KB
• lnt-20240904_pre.xml (EX-101.PRE) — 15KB
• lnt-20240904_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events. On September 4, 2024, Interstate Power and Light Company ("IPL"), a subsidiary of Alliant Energy Corporation, entered into an Underwriting Agreement (the "Underwriting Agreement") with Barclays Capital Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and MUFG Securities Americas Inc., as representatives of the several underwriters listed therein (the "Underwriters"), pursuant to which IPL agreed to sell, and the Underwriters agreed to purchase, subject to the terms and conditions set forth therein, (i) $350 million aggregate principal amount of IPL's 4.950% Senior Debentures due 2034 (the "2034 Debentures") and $300 million aggregate principal amount of IPL's 5.450% Senior Debentures due 2054 (together with the 2034 Debentures, the "Debentures"), in a public offering (the "Offering"). The Debentures are to be issued under an Indenture dated as of August 20, 2003, between IPL and The Bank of New York Mellon Trust Company, N.A., as successor trustee (the "Indenture"), pursuant to an Officer's Certificate provided pursuant to the Indenture setting forth the terms of the Debentures, dated as of September 6, 2024 (the "Certificate"). The Offering is expected to close, subject to standard closing conditions, on September 6, 2024. The Debentures are registered under the Securities Act of 1933, as amended, pursuant to an automatic shelf registration statement on Form S-3 (Registration No. 333-276062-01) that IPL filed with the Securities and Exchange Commission (the "SEC") on December 15, 2023 (the "Registration Statement"). The Registration Statement was supplemented by a Prospectus Supplement setting forth the terms of the Debentures that IPL filed with the SEC on September 5, 2024. This Current Report on Form 8-K is being filed for the purpose of filing exhibits to the Registration Statement relating to the public offering of the Debentures, and all such exhibits are hereby incorporated into the Registration Statement by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 1.1 Underwriting Agreement, dated September 4 , 202 4 , among Interstate Power and Light Company and the underwriters named therein. 4.1 Officer's Certificate , dated Se ptember 6, 2024, creating the 4.950 % Senior Debentures due 203 4 and the 5.450 % Senior Debentures due 2054 of Interstate Power and Light Company. 5.1 Opinion of Perkins Coie LLP, dated September 6 , 202 4 , with respect to the 4.950 % Senior Debentures due 203 4 and the 5.450 % Se nior Debentures due 2054 of Interstate Power and Light Company. 5.2 Opinion of Simmons Perrine Moyer Bergman PLC, dated September 6 , 202 4 , with respect to the 4.950 % Senior Debentures due 203 4 and the 5.450 % Senior Debentures due 2054 of Interstate Power and Light Company. 23.1 Consent of Perkins Coie LLP (contained in Exhibit 5.1 hereto). 23.2 Consent of Simmons Perrine Moyer Bergman PLC (contained in Exhibit 5.2 hereto). 99.1 Press Release of Interstate Power and Light Company, dated September 5 , 202 4 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Alliant Energy Corporation and Interstate Power and Light Company have each duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ALLIANT ENERGY CORPORATION Date: September 6, 2024 By: /s/ Robert J. Durian Robert J. Durian Executive Vice President and Chief Financial Officer INTERSTATE POWER AND LIGHT COMPANY Date: September 6, 2024 By: /s/ Robert J. Durian Robert J. Durian Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR