By Devika Patel
Knoxville, Tenn., June 5 – WEC Energy Group, Inc. priced $600 million of 3.375% three-year senior notes (A3/BBB+/BBB+) on Monday, according to an FWP filed with the Securities and Exchange Commission.
WEC Energy priced the notes at 99.959 to yield 3.389%, or 75 basis points over Treasuries.
J.P. Morgan Securities LLC, BofA Merrill Lynch and Wells Fargo Securities LLC were the bookrunners.
The Milwaukee-based electricity and natural gas service provider will use the proceeds to repay or refinance debt and for general corporate purposes.
| Issuer: | WEC Energy Group, Inc.
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | June 15, 2021
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch and Wells Fargo Securities LLC
|
| Senior co-manager: | Goldman Sachs & Co.
|
| Co-manager: | Samuel A. Ramirez & Co. Inc.
|
| Coupon: | 3.375%
|
| Price: | 99.959
|
| Yield: | 3.389%
|
| Spread: | 75 bps over Treasuries
|
| Call feature: | The greater of a make-whole call at Treasuries plus 12.5 bps and a par call
|
| Trade date: | June 4
|
| Settlement date: | June 7
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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