Debt

12 Months Ended

Dec. 31, 2012

DEBT

(a) Short-term Debt - Alliant Energy and its subsidiaries maintain committed bank lines of credit to provide short-term borrowing flexibility and backstop liquidity for commercial paper outstanding. At December 31, 2012, Alliant Energy’s short-term borrowing arrangements included three revolving credit facilities totaling $1 billion ($300 million for Alliant Energy at the parent company level, $300 million for IPL and $400 million for WPL), which expire in December 2016. Information regarding commercial paper classified as short-term debt and backstopped by the credit facilities was as follows (dollars in millions):



	Alliant Energy		IPL		WPL
	2012	2011	2012	2011	2012	2011
December 31
Commercial paper:
Amount outstanding	$217.5	$102.8	$26.3	$7.1	$86.6	$25.7
Weighted average interest rates	0.4%	0.3%	0.4%	0.4%	0.3%	0.3%
Weighted average remaining maturity	11 days	3 days	2 days	3 days	19 days	3 days
Available credit facility capacity (a)	$732.5	$897.2	$223.7	$292.9	$313.4	$374.3



	Alliant Energy		IPL		WPL
	2012	2011	2012	2011	2012	2011
For the year ended
Maximum amount outstanding (based on daily outstanding balances)	$217.5	$124.4	$35.4	$54.4	$86.6	$96.5
Average amount outstanding (based on daily outstanding balances)	$99.8	$27.7	$5.9	$6.0	$11.7	$17.6
Weighted average interest rates	0.4%	0.3%	0.4%	0.3%	0.3%	0.3%


(a)	Alliant Energy’s and IPL’s available credit facility capacities reflect outstanding commercial paper classified as both short- and long-term debt at December 31, 2012. Refer to Note 9(b) for further discussion of $50.0 million of commercial paper outstanding at December 31, 2012 classified as long-term debt on Alliant Energy’s and IPL’s Consolidated Balance Sheets.

Alliant Energy’s, IPL’s and WPL’s credit facility agreements each contain a financial covenant, which requires the entities to maintain certain debt-to-capital ratios in order to borrow under the credit facilities. The required debt-to-capital ratios compared to the actual debt-to-capital ratios at December 31, 2012 were as follows:



	Alliant Energy	IPL	WPL
Requirement	Less than 65%	Less than 58%	Less than 58%
Actual	50%	45%	48%

The debt component of the capital ratios includes long- and short-term debt (excluding non-recourse debt and hybrid securities to the extent the total carrying value of such hybrid securities does not exceed 15% of consolidated capital of the applicable borrower), capital lease obligations, letters of credit, guarantees of the foregoing and new synthetic leases. Unfunded vested benefits under qualified pension plans are not included in the debt-to-capital ratios. The equity component of the capital ratios excludes accumulated other comprehensive income (loss).

(b) Long-Term Debt - Long-term debt, net as of December 31 was as follows (dollars in millions):



	2012									2011
	Alliant Energy			IPL			WPL			Alliant Energy			IPL			WPL
Senior Debentures:
3.3%, due 2015		$150.0			$150.0			$—			$150.0			$150.0			$—
5.875%, due 2018	100.0			100.0			—			100.0			100.0			—
7.25%, due 2018	250.0			250.0			—			250.0			250.0			—
3.65%, due 2020	200.0			200.0			—			200.0			200.0			—
5.5%, due 2025	50.0			50.0			—			50.0			50.0			—
6.45%, due 2033	100.0			100.0			—			100.0			100.0			—
6.3%, due 2034	125.0			125.0			—			125.0			125.0			—
6.25%, due 2039	300.0			300.0			—			300.0			300.0			—
	1,275.0			1,275.0			—			1,275.0			1,275.0			—
Debentures:
5%, due 2019	250.0			—			250.0			250.0			—			250.0
4.6%, due 2020	150.0			—			150.0			150.0			—			150.0
2.25%, due 2022 (a)	250.0			—			250.0			—			—			—
6.25%, due 2034	100.0			—			100.0			100.0			—			100.0
6.375%, due 2037	300.0			—			300.0			300.0			—			300.0
7.6%, due 2038	250.0			—			250.0			250.0			—			250.0
	1,300.0			—			1,300.0			1,050.0			—			1,050.0
Pollution Control Revenue Bonds:
5%, due 2014	38.4			38.4			—			38.4			38.4			—
5%, due 2014 and 2015	24.5			—			24.5			24.5			—			24.5
5.375%, due 2015	14.6			—			14.6			14.6			—			14.6
	77.5			38.4			39.1			77.5			38.4			39.1
Other:
Commercial paper, 0.4% at December 31, 2012 (b)	50.0			50.0			—			—			—			—
4% senior notes, due 2014	250.0			—			—			250.0			—			—
Term loan credit agreement through 2014, 1.1% at December 31, 2012 (c)	60.0			—			—			—			—			—
3.45% senior notes, due 2022 (d)	75.0			—			—			—			—			—
5.06% senior secured notes, due 2013 to 2024	61.9			—			—			63.3			—			—
Other, 1% at December 31, 2012, due 2013 to 2025	0.5			—			—			0.5			—			—
	497.4			50.0			—			313.8			—			—
Subtotal	3,149.9			1,363.4			1,339.1			2,716.3			1,313.4			1,089.1
Current maturities	(1.5		)	—			—			(1.4		)	—			—
Unamortized debt (discount) and premium, net	(11.8		)	(3.9		)	(7.6		)	(11.8		)	(4.4		)	(6.9		)
Long-term debt, net		$3,136.6			$1,359.5			$1,331.5			$2,703.1			$1,309.0			$1,082.2


(a)	In 2012, WPL issued $250.0 million of 2.25% debentures due 2022. The proceeds from the issuance were used by WPL to fund a portion of the purchase price of Riverside.

(b)

As of December 31, 2012, $50.0 million of commercial paper was recorded in “Long-term debt, net” on Alliant Energy’s and IPL’s Consolidated Balance Sheets due to the existence of long-term credit facilities that back-stop this commercial paper balance, along with Alliant Energy’s and IPL’s intent and ability to refinance these balances on a long-term basis. As of December 31, 2012, this commercial paper balance had a remaining maturity of 8 days.


(c)	In 2012, Franklin County Holdings LLC, Resources’ wholly-owned subsidiary, entered into a $60.0 million variable-rate term loan credit agreement that exists through 2014 to fund a portion of the costs of its Franklin County wind project, which was placed into service in the fourth quarter of 2012.


(d)	In 2012, Corporate Services issued $75 million of 3.45% senior notes due 2022. The proceeds from the issuance were used by Corporate Services to repay short-term debt primarily incurred for the purchase of the corporate headquarters building and for general working capital purposes.

Five-Year Schedule of Debt Maturities - At December 31, 2012, debt maturities for 2013 to 2017 were as follows (in millions):



	2013		2014		2015		2016		2017
IPL (a)		$50		$38		$150		$—		$—
WPL	—		8		31		—		—
Resources	1		62		2		3		4
Alliant Energy parent company	—		250		—		—		—
Alliant Energy		$51		$358		$183		$3		$4


(a)	IPL’s amount for 2013 includes $50.0 million of commercial paper that was recorded in “Long-term debt, net” on Alliant Energy’s and IPL’s Consolidated Balance Sheets as described above.

At December 31, 2012, there were no significant sinking fund requirements related to the long-term debt on the Consolidated Balance Sheets.

Indentures - Alliant Energy maintains an indenture related to its 4% senior notes due 2014. IPL maintains an indenture related to its senior debentures due 2015 through 2039. WPL maintains an indenture related to its debentures due 2019 through 2038. Sheboygan Power, LLC, Resources’ wholly-owned subsidiary, maintains an indenture related to the issuance of its 5.06% senior secured notes due 2013 to 2024.

Optional Redemption Provisions - Alliant Energy and its subsidiaries have certain issuances of long-term debt that contain 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. At December 31, 2012, the debt issuances that contained these optional redemption provisions included Alliant Energy’s senior notes due 2014, Corporate Services’ senior notes due 2022, IPL’s senior debentures due 2015 through 2039, WPL’s debentures due 2019 through 2038 and Sheboygan Power, LLC’s senior secured notes due 2013 to 2024.

Security Provisions - Sheboygan Power, LLC’s 5.06% senior secured notes due 2013 to 2024 are secured by the Sheboygan Falls Energy Facility and related assets.

Unamortized Debt Issuance Costs - Unamortized debt issuance costs recorded in “Deferred charges and other” on the Consolidated Balance Sheets at December 31 were as follows (in millions):



	Alliant Energy		IPL		WPL
	2012	2011	2012	2011	2012	2011
Unamortized debt issuance costs	$19.5	$19.1	$8.0	$9.0	$9.8	$8.4

Carrying Amount and Fair Value of Long-term Debt - Refer to Note 11 for information on the carrying amount and fair value of long-term debt outstanding at December 31, 2012 and 2011.

IPL [Member]

Debt Instrument [Line Items]

Debt

DEBT



	Alliant Energy		IPL		WPL
	2012	2011	2012	2011	2012	2011
December 31
Commercial paper:
Amount outstanding	$217.5	$102.8	$26.3	$7.1	$86.6	$25.7
Weighted average interest rates	0.4%	0.3%	0.4%	0.4%	0.3%	0.3%
Weighted average remaining maturity	11 days	3 days	2 days	3 days	19 days	3 days
Available credit facility capacity (a)	$732.5	$897.2	$223.7	$292.9	$313.4	$374.3



	Alliant Energy		IPL		WPL
	2012	2011	2012	2011	2012	2011
For the year ended
Maximum amount outstanding (based on daily outstanding balances)	$217.5	$124.4	$35.4	$54.4	$86.6	$96.5
Average amount outstanding (based on daily outstanding balances)	$99.8	$27.7	$5.9	$6.0	$11.7	$17.6
Weighted average interest rates	0.4%	0.3%	0.4%	0.3%	0.3%	0.3%


(a)	Alliant Energy’s and IPL’s available credit facility capacities reflect outstanding commercial paper classified as both short- and long-term debt at December 31, 2012. Refer to Note 9(b) for further discussion of $50.0 million of commercial paper outstanding at December 31, 2012 classified as long-term debt on Alliant Energy’s and IPL’s Consolidated Balance Sheets.



	Alliant Energy	IPL	WPL
Requirement	Less than 65%	Less than 58%	Less than 58%
Actual	50%	45%	48%

(b) Long-Term Debt - Long-term debt, net as of December 31 was as follows (dollars in millions):



	2012									2011
	Alliant Energy			IPL			WPL			Alliant Energy			IPL			WPL
Senior Debentures:
3.3%, due 2015		$150.0			$150.0			$—			$150.0			$150.0			$—
5.875%, due 2018	100.0			100.0			—			100.0			100.0			—
7.25%, due 2018	250.0			250.0			—			250.0			250.0			—
3.65%, due 2020	200.0			200.0			—			200.0			200.0			—
5.5%, due 2025	50.0			50.0			—			50.0			50.0			—
6.45%, due 2033	100.0			100.0			—			100.0			100.0			—
6.3%, due 2034	125.0			125.0			—			125.0			125.0			—
6.25%, due 2039	300.0			300.0			—			300.0			300.0			—
	1,275.0			1,275.0			—			1,275.0			1,275.0			—
Debentures:
5%, due 2019	250.0			—			250.0			250.0			—			250.0
4.6%, due 2020	150.0			—			150.0			150.0			—			150.0
2.25%, due 2022 (a)	250.0			—			250.0			—			—			—
6.25%, due 2034	100.0			—			100.0			100.0			—			100.0
6.375%, due 2037	300.0			—			300.0			300.0			—			300.0
7.6%, due 2038	250.0			—			250.0			250.0			—			250.0
	1,300.0			—			1,300.0			1,050.0			—			1,050.0
Pollution Control Revenue Bonds:
5%, due 2014	38.4			38.4			—			38.4			38.4			—
5%, due 2014 and 2015	24.5			—			24.5			24.5			—			24.5
5.375%, due 2015	14.6			—			14.6			14.6			—			14.6
	77.5			38.4			39.1			77.5			38.4			39.1
Other:
Commercial paper, 0.4% at December 31, 2012 (b)	50.0			50.0			—			—			—			—
4% senior notes, due 2014	250.0			—			—			250.0			—			—
Term loan credit agreement through 2014, 1.1% at December 31, 2012 (c)	60.0			—			—			—			—			—
3.45% senior notes, due 2022 (d)	75.0			—			—			—			—			—
5.06% senior secured notes, due 2013 to 2024	61.9			—			—			63.3			—			—
Other, 1% at December 31, 2012, due 2013 to 2025	0.5			—			—			0.5			—			—
	497.4			50.0			—			313.8			—			—
Subtotal	3,149.9			1,363.4			1,339.1			2,716.3			1,313.4			1,089.1
Current maturities	(1.5		)	—			—			(1.4		)	—			—
Unamortized debt (discount) and premium, net	(11.8		)	(3.9		)	(7.6		)	(11.8		)	(4.4		)	(6.9		)
Long-term debt, net		$3,136.6			$1,359.5			$1,331.5			$2,703.1			$1,309.0			$1,082.2


(a)	In 2012, WPL issued $250.0 million of 2.25% debentures due 2022. The proceeds from the issuance were used by WPL to fund a portion of the purchase price of Riverside.

(b)


(c)	In 2012, Franklin County Holdings LLC, Resources’ wholly-owned subsidiary, entered into a $60.0 million variable-rate term loan credit agreement that exists through 2014 to fund a portion of the costs of its Franklin County wind project, which was placed into service in the fourth quarter of 2012.


(d)	In 2012, Corporate Services issued $75 million of 3.45% senior notes due 2022. The proceeds from the issuance were used by Corporate Services to repay short-term debt primarily incurred for the purchase of the corporate headquarters building and for general working capital purposes.

Five-Year Schedule of Debt Maturities - At December 31, 2012, debt maturities for 2013 to 2017 were as follows (in millions):



	2013		2014		2015		2016		2017
IPL (a)		$50		$38		$150		$—		$—
WPL	—		8		31		—		—
Resources	1		62		2		3		4
Alliant Energy parent company	—		250		—		—		—
Alliant Energy		$51		$358		$183		$3		$4


(a)	IPL’s amount for 2013 includes $50.0 million of commercial paper that was recorded in “Long-term debt, net” on Alliant Energy’s and IPL’s Consolidated Balance Sheets as described above.

At December 31, 2012, there were no significant sinking fund requirements related to the long-term debt on the Consolidated Balance Sheets.

Security Provisions - Sheboygan Power, LLC’s 5.06% senior secured notes due 2013 to 2024 are secured by the Sheboygan Falls Energy Facility and related assets.

Unamortized Debt Issuance Costs - Unamortized debt issuance costs recorded in “Deferred charges and other” on the Consolidated Balance Sheets at December 31 were as follows (in millions):



	Alliant Energy		IPL		WPL
	2012	2011	2012	2011	2012	2011
Unamortized debt issuance costs	$19.5	$19.1	$8.0	$9.0	$9.8	$8.4

Carrying Amount and Fair Value of Long-term Debt - Refer to Note 11 for information on the carrying amount and fair value of long-term debt outstanding at December 31, 2012 and 2011.

WPL [Member]

Debt Instrument [Line Items]

Debt

DEBT



	Alliant Energy		IPL		WPL
	2012	2011	2012	2011	2012	2011
December 31
Commercial paper:
Amount outstanding	$217.5	$102.8	$26.3	$7.1	$86.6	$25.7
Weighted average interest rates	0.4%	0.3%	0.4%	0.4%	0.3%	0.3%
Weighted average remaining maturity	11 days	3 days	2 days	3 days	19 days	3 days
Available credit facility capacity (a)	$732.5	$897.2	$223.7	$292.9	$313.4	$374.3



	Alliant Energy		IPL		WPL
	2012	2011	2012	2011	2012	2011
For the year ended
Maximum amount outstanding (based on daily outstanding balances)	$217.5	$124.4	$35.4	$54.4	$86.6	$96.5
Average amount outstanding (based on daily outstanding balances)	$99.8	$27.7	$5.9	$6.0	$11.7	$17.6
Weighted average interest rates	0.4%	0.3%	0.4%	0.3%	0.3%	0.3%


(a)	Alliant Energy’s and IPL’s available credit facility capacities reflect outstanding commercial paper classified as both short- and long-term debt at December 31, 2012. Refer to Note 9(b) for further discussion of $50.0 million of commercial paper outstanding at December 31, 2012 classified as long-term debt on Alliant Energy’s and IPL’s Consolidated Balance Sheets.



	Alliant Energy	IPL	WPL
Requirement	Less than 65%	Less than 58%	Less than 58%
Actual	50%	45%	48%

(b) Long-Term Debt - Long-term debt, net as of December 31 was as follows (dollars in millions):



	2012									2011
	Alliant Energy			IPL			WPL			Alliant Energy			IPL			WPL
Senior Debentures:
3.3%, due 2015		$150.0			$150.0			$—			$150.0			$150.0			$—
5.875%, due 2018	100.0			100.0			—			100.0			100.0			—
7.25%, due 2018	250.0			250.0			—			250.0			250.0			—
3.65%, due 2020	200.0			200.0			—			200.0			200.0			—
5.5%, due 2025	50.0			50.0			—			50.0			50.0			—
6.45%, due 2033	100.0			100.0			—			100.0			100.0			—
6.3%, due 2034	125.0			125.0			—			125.0			125.0			—
6.25%, due 2039	300.0			300.0			—			300.0			300.0			—
	1,275.0			1,275.0			—			1,275.0			1,275.0			—
Debentures:
5%, due 2019	250.0			—			250.0			250.0			—			250.0
4.6%, due 2020	150.0			—			150.0			150.0			—			150.0
2.25%, due 2022 (a)	250.0			—			250.0			—			—			—
6.25%, due 2034	100.0			—			100.0			100.0			—			100.0
6.375%, due 2037	300.0			—			300.0			300.0			—			300.0
7.6%, due 2038	250.0			—			250.0			250.0			—			250.0
	1,300.0			—			1,300.0			1,050.0			—			1,050.0
Pollution Control Revenue Bonds:
5%, due 2014	38.4			38.4			—			38.4			38.4			—
5%, due 2014 and 2015	24.5			—			24.5			24.5			—			24.5
5.375%, due 2015	14.6			—			14.6			14.6			—			14.6
	77.5			38.4			39.1			77.5			38.4			39.1
Other:
Commercial paper, 0.4% at December 31, 2012 (b)	50.0			50.0			—			—			—			—
4% senior notes, due 2014	250.0			—			—			250.0			—			—
Term loan credit agreement through 2014, 1.1% at December 31, 2012 (c)	60.0			—			—			—			—			—
3.45% senior notes, due 2022 (d)	75.0			—			—			—			—			—
5.06% senior secured notes, due 2013 to 2024	61.9			—			—			63.3			—			—
Other, 1% at December 31, 2012, due 2013 to 2025	0.5			—			—			0.5			—			—
	497.4			50.0			—			313.8			—			—
Subtotal	3,149.9			1,363.4			1,339.1			2,716.3			1,313.4			1,089.1
Current maturities	(1.5		)	—			—			(1.4		)	—			—
Unamortized debt (discount) and premium, net	(11.8		)	(3.9		)	(7.6		)	(11.8		)	(4.4		)	(6.9		)
Long-term debt, net		$3,136.6			$1,359.5			$1,331.5			$2,703.1			$1,309.0			$1,082.2


(a)	In 2012, WPL issued $250.0 million of 2.25% debentures due 2022. The proceeds from the issuance were used by WPL to fund a portion of the purchase price of Riverside.

(b)


(c)	In 2012, Franklin County Holdings LLC, Resources’ wholly-owned subsidiary, entered into a $60.0 million variable-rate term loan credit agreement that exists through 2014 to fund a portion of the costs of its Franklin County wind project, which was placed into service in the fourth quarter of 2012.


(d)	In 2012, Corporate Services issued $75 million of 3.45% senior notes due 2022. The proceeds from the issuance were used by Corporate Services to repay short-term debt primarily incurred for the purchase of the corporate headquarters building and for general working capital purposes.

Five-Year Schedule of Debt Maturities - At December 31, 2012, debt maturities for 2013 to 2017 were as follows (in millions):



	2013		2014		2015		2016		2017
IPL (a)		$50		$38		$150		$—		$—
WPL	—		8		31		—		—
Resources	1		62		2		3		4
Alliant Energy parent company	—		250		—		—		—
Alliant Energy		$51		$358		$183		$3		$4


(a)	IPL’s amount for 2013 includes $50.0 million of commercial paper that was recorded in “Long-term debt, net” on Alliant Energy’s and IPL’s Consolidated Balance Sheets as described above.

At December 31, 2012, there were no significant sinking fund requirements related to the long-term debt on the Consolidated Balance Sheets.

Security Provisions - Sheboygan Power, LLC’s 5.06% senior secured notes due 2013 to 2024 are secured by the Sheboygan Falls Energy Facility and related assets.

Unamortized Debt Issuance Costs - Unamortized debt issuance costs recorded in “Deferred charges and other” on the Consolidated Balance Sheets at December 31 were as follows (in millions):



	Alliant Energy		IPL		WPL
	2012	2011	2012	2011	2012	2011
Unamortized debt issuance costs	$19.5	$19.1	$8.0	$9.0	$9.8	$8.4

Carrying Amount and Fair Value of Long-term Debt - Refer to Note 11 for information on the carrying amount and fair value of long-term debt outstanding at December 31, 2012 and 2011.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details