July 8, 2009 (FinancialWire) — Alliant Energy Co.’s (NYSE: LNT) Interstate Power and Light Co. subsidiary has priced a public offering of $300 million of senior debentures. The debentures have an interest rate of 6.25% and will be due in 2039.

The company plans to apply the around $295.2 million in net proceeds from the offering initially to repay short-term debt, including debt it incurred to fund capital expenditures on an interim basis.

Interstate will also invest in short-term assets and will redeem $135.0 million of long-term debt and fund capital expenditures, including new wind generation, environmental projects and other utility capital projects, and for general working capital purposes.

Cedar Rapids, Iowa-based Interstate Power and Light is a public utility engaged principally in the generation and distribution of electric energy and the distribution and transportation of natural gas in various markets in Iowa and southern Minnesota.

The company serves around 530,000 electric and 235,000 natural gas customers.

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