By Cristal Cody
Tupelo, Miss., Sept. 14 – WEC Energy Group, Inc. priced an upsized $700 million of 0.55% three-year senior notes (Baa1/BBB+/BBB+) on Monday at 99.964 to yield 0.562%, or a spread of 40 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were guided at the 60 bps spread area.
The deal was upsized from $600 million.
Barclays, BofA Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC were the bookrunners.
The Milwaukee-based electricity and natural gas service provider plans to use the proceeds to repay commercial paper and for working capital and other general corporate purposes.
| Issuer: | WEC Energy Group, Inc.
|
| Amount: | $700 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 15, 2023
|
| Bookrunners: | Barclays, BofA Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC
|
| Senior co-manager: | BMO Capital Markets Corp.
|
| Co-managers: | Panserra Securities LLC and Ramirez & Co., Inc.
|
| Coupon: | 0.55%
|
| Price: | 99.964
|
| Yield: | 0.562%
|
| Spread: | Treasuries plus 40 bps
|
| Call features: | Make-whole call at price equal to greater of par or Treasuries plus 10 bps
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 17
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 60 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
