By Cristal Cody
Chicago, Nov. 7 – Wisconsin Public Service Corp. priced $300 million of 5.35% senior notes with a three-year tenor (A2/A-/A+) on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.978 to yield 5.358%, or at Treasuries plus 72 basis points.
The notes were talked in the Treasuries plus 100 bps area, the source said.
The notes will have a make-whole call option at Treasuries plus 15 bps and then a par call option starting Oct. 10, 2025.
KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. are joint bookrunners.
Proceeds will be used to repay short-term debt and for other general corporate purposes. As of Oct. 31, the company has outstanding short-term debt of $317.5 million.
The issuer in an indirect subsidiary of WEC Energy Group, Inc. and is based in Green Bay, Wis.
| Issuer: | Wisconsin Public Service Corp.
|
| Amount: | $300 million
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| Issue: | Senior notes
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| Maturity: | Nov. 10, 2025
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| Bookrunners: | KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
|
| Co-managers: | Comerica Securities, Inc. and Penserra Securities LLC
|
| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | In-house counsel, Troutman Pepper Hamilton Sanders LLP
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| Counsel to underwriters: | Hunton Andrews Kurth LLP
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| Coupon: | 5.35%
|
| Price: | 99.978
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| Yield: | 5.358%
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| Spread: | Treasuries plus 72 bps
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| Call features: | Make-whole call at Treasuries plus 15 bps until Oct. 10, 2025; thereafter at par
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| Trade date: | Nov. 7
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| Settlement date: | Nov. 10
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| Ratings: | Moody’s: A2
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| S&P: A-
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| Fitch: A+
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 100 bps area
|
| Cusip: | 976843BP6
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