By Marisa Wong
Los Angeles, Sept. 5 – WEC Energy Group, Inc. priced $600 million of 5.6% three-year senior notes (expected: Baa1/BBB+/BBB+) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.984 to yield 5.606%, or a spread of 93 basis points over Treasuries.
The notes feature an optional make-whole call, followed by an optional par call.
BMO Capital Markets Corp., BofA Securities, Inc., PNC Capital Markets LLC and Scotia Capital (USA) Inc. are the joint bookrunners.
Proceeds will be used to repay short-term debt and for general corporate purposes, according to a 424B5 filing with the SEC. Subsequently, the company will repay at maturity its $700 million of 0.55% senior notes due Sept. 15, 2023.
The electric and natural gas services holding company is based in Milwaukee.
| Issuer: | WEC Energy Group, Inc.
|
| Amount: | $600 million
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| Issue: | Senior notes
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| Maturity: | Sept. 12, 2026
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| Bookrunners: | BMO Capital Markets Corp., BofA Securities, Inc., PNC Capital Markets LLC and Scotia Capital (USA) Inc.
|
| Co-managers: | Comerica Securities, Inc. and Independence Point Securities LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | Troutman Pepper Hamilton Sanders LLP and in-house counsel
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| Counsel to underwriters: | Hunton Andrews Kurth LLP
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| Coupon: | 5.6%
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| Price: | 99.984
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| Yield: | 5.606%
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| Spread: | Treasuries plus 93 bps
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| Call options: | Make-whole call at Treasuries plus 15 bps prior to Aug. 12, 2026; then par call
|
| Trade date: | Sept. 5
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| Settlement date: | Sept. 12
|
| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: BBB+
|
| Cusip: | 92939UAM8
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