JWCA advises Alliant Energy Corporation on its $575 million convertible issuance

May 2025 | read press release

Transaction Background

Alliant Energy Corporation (“Alliant” or the “Company”) successfully raised $575mm (inclusive of greenshoe) in the convertible market at attractive terms

Alliant’s objectives:

• Opportunistically raise capital for the repayment or refinancing of debt or for general corporate purposes

• Take advantage of strong equity tailwinds and convertible investor appetite for investment grade companies

Alliant engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation and execution of the transaction

JWCA provided extensive analysis on deal structuring and related items, including:

• Convertible structuring and refinancing alternatives

• Syndicate structure and precedent data

• Transaction timing and shareholder messaging

• Advice on pricing on the day of execution

JWCA provided guidance, support and analysis throughout the execution process

Results

Alliant’s convertible issuance was well-received by investors

• The transaction was multiple times oversubscribed and had significant interest from fundamental investors

• The transaction priced at the midpoint of both the marketed coupon and conversion premium range

• Achieved most issuer friendly pricing amongst utility sector comparables in terms of implied volatility at issuance over last five years

• JWCA supported the management team on the entire day of the offering providing execution advice and ensuring a high-quality execution

This is J. Wood’s second advisory assignment for the Company after advising Alliant on its debut convertible issuance in February 2023