By Devika Patel and Cristal Cody
Knoxville, Tenn., Dec. 6 – WEC Energy Group, Inc. sold $500 million of 2.2% seven-year senior notes (Baa1/BBB+/BBB+) on Monday at spread of Treasuries plus 85 basis points and a price of 99.761, according to an FWP filed with the Securities and Exchange Commission.
The notes will yield 2.237%.
Initial price talk was in the Treasuries plus 110 bps area, a market source told Prospect News.
The joint bookrunning managers for the offering were J.P. Morgan Securities LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc. and U.S. Bancorp Investments Inc.
Proceeds will be used to repay short-term debt and for general corporate purposes.
WEC Energy is a Milwaukee-based diversified holding company for electric and gas businesses in Wisconsin, Illinois, Michigan and Minnesota.
| Issuer: | WEC Energy Group, Inc.
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | Dec. 15, 2028
|
| Bookrunners: | J.P. Morgan Securities LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc. and U.S. Bancorp Investments Inc.
|
| Co-managers: | Comerica Securities Inc. and Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 2.2%
|
| Price: | 99.761
|
| Yield: | 2.237%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | Make-whole call at Treasuries plus 15 bps until Oct. 15, 2028, then a par call
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 13
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 110 bps area
|
| Cusip: | 92939UAG1
|
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