ALLIANT ENERGY CORP
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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. Debt
NOTE 8. DEBT
NOTE 8(a) Short-term Debt - Alliant Energy and its subsidiaries maintain committed bank lines of credit to provide short-term borrowing flexibility and back-stop liquidity for commercial paper outstanding. At December 31, 2024, the short-term borrowing capacity under a single credit facility agreement, which expires in December 2029, totaled $1.3 billion ($600 million for Alliant Energy at the parent company level, $300 million for IPL and $400 million for WPL). Subject to certain conditions, Alliant Energy (at the parent company level), IPL and WPL may each reallocate and change its sublimit up to $1 billion, $400 million and $500 million, respectively, within the $1.3 billion total commitment. Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper classified as short-term debt was as follows (dollars in millions):
| Alliant Energy | IPL | WPL | ||||
|---|---|---|---|---|---|---|
| December 31 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Amount outstanding | $558 | $475 | $50 | $— | $183 | $318 |
| Weighted average interest rates | 4.5% | 5.5% | 4.6% | N/A | 4.5% | 5.4% |
| Available credit facility capacity | $742 | $525 | $250 | $150 | $217 | $82 |
| Alliant Energy | IPL | WPL | ||||
|---|---|---|---|---|---|---|
| For the year ended | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Maximum amount outstanding (based on daily outstanding balances) | $632 | $793 | $80 | $70 | $390 | $349 |
| Average amount outstanding (based on daily outstanding balances) | $327 | $386 | $1 | $2 | $70 | $157 |
| Weighted average interest rates | 5.3% | 5.2% | 5.1% | 5.3% | 5.4% | 5.1% |
NOTE 8(b) Long-Term Debt -Long-term debt, net as of December 31 was as follows (dollars in millions):
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Alliant Energy | IPL | WPL | Alliant Energy | IPL | WPL | |
| Senior Debentures (a): | ||||||
| 3.4%, due 2025 | $250 | $250 | $— | $250 | $250 | $— |
| 5.5%, due 2025 | 50 | 50 | — | 50 | 50 | — |
| 4.1%, due 2028 | 500 | 500 | — | 500 | 500 | — |
| 3.6%, due 2029 | 300 | 300 | — | 300 | 300 | — |
| 2.3%, due 2030 | 400 | 400 | — | 400 | 400 | — |
| 5.7%, due 2033 | 300 | 300 | — | 300 | 300 | — |
| 6.45%, due 2033 | 100 | 100 | — | 100 | 100 | — |
| 4.95%, due 2034 (b) | 350 | 350 | — | — | — | — |
| 6.3%, due 2034 | 125 | 125 | — | 125 | 125 | — |
| 6.25%, due 2039 | 300 | 300 | — | 300 | 300 | — |
| 4.7%, due 2043 | 250 | 250 | — | 250 | 250 | — |
| 3.7%, due 2046 | 300 | 300 | — | 300 | 300 | — |
| 3.5%, due 2049 | 300 | 300 | — | 300 | 300 | — |
| 3.1%, due 2051 | 300 | 300 | — | 300 | 300 | — |
| 5.45%, due 2054 (b) | 300 | 300 | — | — | — | — |
| 3.25% (Retired in 2024) | — | — | — | 500 | 500 | — |
| 4,125 | 4,125 | — | 3,975 | 3,975 | — | |
| Debentures (a): | ||||||
| 3.05%, due 2027 | 300 | — | 300 | 300 | — | 300 |
| 3%, due 2029 | 350 | — | 350 | 350 | — | 350 |
| 1.95%, due 2031 | 300 | — | 300 | 300 | — | 300 |
| 3.95%, due 2032 | 600 | — | 600 | 600 | — | 600 |
| 4.95% due 2033 | 300 | — | 300 | 300 | — | 300 |
| 5.375%, due 2034 (c) | 300 | — | 300 | — | — | — |
| 6.25%, due 2034 | 100 | — | 100 | 100 | — | 100 |
| 6.375%, due 2037 | 300 | — | 300 | 300 | — | 300 |
| 7.6%, due 2038 | 250 | — | 250 | 250 | — | 250 |
| 4.1%, due 2044 | 250 | — | 250 | 250 | — | 250 |
| 3.65%, due 2050 | 350 | — | 350 | 350 | — | 350 |
| 3,400 | — | 3,400 | 3,100 | — | 3,100 | |
| Other: | ||||||
| AEF term loan credit agreement through March 2025, 6% at December 31, 2024 (with Alliant Energy as guarantor) (d) | 300 | — | — | — | — | — |
| AEF 1.4% senior notes, due 2026 (with Alliant Energy as guarantor) (a) | 200 | — | — | 200 | — | — |
| Alliant Energy 3.875% convertible senior notes, due 2026 (e) | 575 | — | — | 575 | — | — |
| AEF 5.4% senior notes, due 2027 (with Alliant Energy as guarantor) (a)(f) | 375 | — | — | — | — | — |
| AEF 4.25% senior notes, due 2028 (with Alliant Energy as guarantor) (a) | 300 | — | — | 300 | — | — |
| AEF 5.95% senior notes, due 2029 (with Alliant Energy as guarantor) (a) | 300 | — | — | 300 | — | — |
| AEF 3.6% senior notes, due 2032 (with Alliant Energy as guarantor) (a) | 350 | — | — | 350 | — | — |
| AEF term loan credit agreement, 6% at December 31, 2023 (with Alliant Energy as guarantor) (Retired in 2024) (d) | — | — | — | 300 | — | — |
| Sheboygan Power, LLC 5.06% senior secured notes (secured by the Sheboygan Falls Energy Facility and related assets) (Retired in 2024) | — | — | — | 9 | — | — |
| 2,400 | — | — | 2,034 | — | — | |
| Subtotal | 9,925 | 4,125 | 3,400 | 9,109 | 3,975 | 3,100 |
| Current maturities | (1,171) | (300) | — | (809) | (500) | — |
| Unamortized debt issuance costs | (55) | (25) | (20) | (54) | (21) | (19) |
| Unamortized debt (discount) and premium, net | (22) | (10) | (10) | (21) | (9) | (11) |
| Long-term debt, net (g) | $8,677 | $3,790 | $3,370 | $8,225 | $3,445 | $3,070 |
(a)Contains optional redemption provisions which, if elected by the issuer at its sole discretion, could require material redemption premium payments by the issuer. The redemption premium payments under these optional redemption provisions are variable and dependent on applicable U.S. Treasury rates at the time of redemption.
(b)In September 2024, IPL issued $350 million of 4.95% senior debentures due 2034 and $300 million of 5.45% senior debentures due 2054. A portion of the net proceeds was used for the retirement of IPL’s $500 million 3.25% senior debentures, and the remainder of the net proceeds was used for general corporate purposes.
(c)In March 2024, WPL issued $300 million of 5.375% debentures due 2034. The debentures were issued as green bonds, and an amount equal to or in excess of the net proceeds was disbursed for the development and acquisition of WPL’s solar EGUs.
(d)In March 2024, AEF entered into a $300 million variable rate term loan credit agreement, which amended and restated the term loan credit agreement that expired in March 2024, and retired the $300 million variable rate term loan set forth therein. AEF’s restated agreement includes an option to increase the amount outstanding with one or more additional term loans in an aggregate amount not to exceed $100 million. Refer to Note 14 for information on AEF’s related interest rate swap.
(e)Refer to “Convertible Senior Notes” below for additional information.
(f)In June 2024, AEF issued $375 million of 5.4% senior notes due 2027. The net proceeds were used to reduce Alliant Energy’s outstanding commercial paper and for general corporate purposes.
(g)There were no significant sinking fund requirements related to the outstanding long-term debt.
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