By Wendy Van Sickle
Columbus, Ohio, Jan. 9 – WEC Energy Group, Inc. priced two tranches of senior notes (Baa1/BBB+/BBB+) totaling $1.1 billion on Monday, according to an FWP filing with the Securities and Exchange Commission.
WEC Energy sold $650 million of 4.75% three-year notes at 99.884 to yield 4.792%, or a spread of 85 basis points over Treasuries.
The company also priced $450 million of 4.75% five-year notes at 99.867 to yield 4.78%, or a spread of 112.5 bps over Treasuries.
Each series features a make-whole call until one month prior to maturity and then a par call.
Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the joint bookrunners.
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: | $1.1 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Goldman Sachs & Co. LLC and Ramirez & Co., Inc.
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | Troutman Pepper Hamilton Sanders LLP and in-house counsel
|
| Counsel to underwriters: | Hunton Andrews Kurth LLP
|
| Trade date: | Jan. 9
|
| Settlement date: | Jan. 11
|
| Expected ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
|
|
| 2026 notes
|
| Amount: | $650 million
|
| Maturity: | Jan. 9, 2026
|
| Coupon: | 4.75%
|
| Price: | 99.884
|
| Yield: | 4.792%
|
| Spread: | Treasuries plus 85 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps at any time prior to Dec. 9, 2025; par call after that
|
| Cusip: | 92939UAK2
|
|
|
| 2028 notes
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| Amount: | $450 million
|
| Maturity: | Jan. 15, 2028
|
| Coupon: | 4.75%
|
| Price: | 99.867
|
| Yield: | 4.78%
|
| Spread: | Treasuries plus 112.5 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps at any time prior to Dec. 15, 2027; par call after that
|
| Cusip: | 92939UAL0
|
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