Integrys to accept all 6% notes tendered over cap at early deadline

Chicago, Oct. 27 – Integrys Holding, Inc.’s cash tender offer for up to $150 million of its $400 million outstanding 6% junior subordinated notes due 2073 (Cusip: 45822P204) was oversubscribed at the early deadline, according to a press release.

Noteholders tendered $178,556,650 of their notes by 5 p.m. ET on Oct. 26. The early deadline had been extended from 5 p.m. ET on Oct. 21.

The company said that it is increasing the acceptance amount to accept all of the notes that have been tendered so far.

The company was offering a total consideration of $27.50 per $25.00 note. The tender offer consideration had been raised $0.30 per note since the start of the offer. The $27.50 consideration includes an early tender premium of $1.25.

The withdrawal deadline has now passed.

The offer expires at 11:59 p.m. ET on Nov. 9. However, unless there is a further revision to the maximum acceptance amount, no more notes will be accepted for purchase. Noteholders who tender after the early deadline were due to receive $26.25 per note.

A portion of the tender offer consideration or total consideration, as applicable, will represent accrued interest to but excluding the payment date. Holders will not receive any separate payment of accrued interest and will receive only the tender offer consideration or total consideration, as applicable, for notes accepted for purchase in the tender offer.

Early settlement is expected for Oct. 28.

The tender offer is subject to a number of conditions.

From time to time in the future, the company may acquire notes that are not purchased in the tender offer through open market purchases, privately negotiated transactions, tender offers, exchange offers or otherwise.

Alternatively, on or after Aug. 1, 2023, the company may redeem any or all of the notes not purchased under the tender offer at par.

Barclays is the dealer manager for the offer (212 528-7581 or 800 438-3242).

Global Bondholder Services Corp. is the depositary and information agent (212 430-3774 or 866 470-3900).

Integrys is a wholly owned subsidiary of WEC Energy Group, Inc., a Milwaukee-based energy company with customers in Wisconsin, Illinois, Michigan and Minnesota.

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