Filed Pursuant to Rule 433
Dated May 26, 2020
RegistrationStatement No. 333-222076-02
INTERSTATE POWER AND LIGHT COMPANY
Final Term Sheet
Dated May 26, 2020
Issuer: | Interstate Power and Light Company (the “Company”) | |
Security Type: | Senior Debentures | |
Principal Amount: | $400,000,000 | |
Maturity Date: | June 1, 2030 | |
Coupon: | 2.300% | |
Price to Public: | 99.575% of the principal amount | |
Yield to Maturity: | 2.348% | |
Benchmark Treasury: | 0.625% due May 15, 2030 | |
Benchmark Treasury Yield: | 0.698% | |
Spread to Benchmark Treasury: | +165 bps | |
Interest Payment Dates: | June 1 and December 1, commencing December 1, 2020 | |
Optional Redemption – Reinvestment Rate: | Prior to March 1, 2030, make-whole call at T+25 bps | |
Optional Redemption at Par: | On or after March 1, 2030 | |
Trade Date: | May 26, 2020 | |
Settlement Date: | June 2, 2020 (T+5) | |
CUSIP: | 461070AS3 | |
ISIN: | US461070AS31 | |
Denominations / Multiples: | $2,000 x $1,000 | |
Anticipated Ratings*: | Baa1 /A- (Moody’s/ S&P) | |
Joint Book-Running Managers: | Goldman Sachs & Co. LLC Mizuho Securities USA LLC MUFG Securities Americas Inc. | |
Co-Managers: | Comerica Securities, Inc. Samuel A. Ramirez & Company, Inc. TD Securities (USA) LLC |
* A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
It is expected that delivery of the Senior Debentures will be made against payment therefor on or about June 2, 2020, which will be the fifth business day following the date of pricing of the Senior Debentures. Under Rule15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, by virtue of the fact that the Senior Debentures initially will settle in T+5, purchasers who wish to trade the Senior Debentures on any date prior to the second business day before delivery should specify an extended settlement cycle at the time they enter into any such trade to prevent failed settlement and should consult their own advisors.
The issuer has filed a registration statement (including a prospectus) with the Securities & Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, you may request a copy of these documents by calling Goldman Sachs & Co. LLC toll free at1-866-471-2526, Mizuho Securities USA LLC toll free at1-866-271-7403, or MUFG Securities Americas Inc. toll free at1-877-649-6848.
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