Wisconsin Electric postpones $147 million restructuring bonds

By Aaron Hochman-Zimmerman

New York, Aug. 21 - Wisconsin Electric will postpone its planned $147 million bond offering until market conditions become more favorable, treasurer Jeffrey West said Friday.

West noted that taxable and tax-exempt rates were too similar and the power provider intends to wait until tax-exempt rates are more advantageous.

The firm is well-capitalized and does not have a deadline to re-enter the market.

The deal was expected to restructure outstanding variable-rate bonds into fixed-rate bonds.

Merrill Lynch & Co. was slated to act as underwriter for the negotiated deal scheduled for the week of Aug. 24.

Wisconsin Electric is located in Milwaukee.

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