By Cristal Cody
Tupelo, Miss., March 4 – WEC Energy Group, Inc. priced $350 million of 3.1% three-year senior notes (Baa1/BBB+/BBB+) on Monday at a spread of 60 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.937 to yield 3.122%.
Barclays and J.P. Morgan Securities LLC were the bookrunners.
The Milwaukee-based electricity and natural gas service provider plans to use the proceeds to repay short-term debt and for working capital and other general corporate purposes.
| Issuer: | WEC Energy Group, Inc.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | March 8, 2022
|
| Bookrunners: | Barclays and J.P. Morgan Securities LLC
|
| Co-manager: | Samuel A. Ramirez & Co. Inc.
|
| Coupon: | 3.1%
|
| Price: | 99.937
|
| Yield: | 3.122%
|
| Spread: | Treasuries plus 60 bps
|
| Call features: | Make-whole call at price equal to greater of par or Treasuries plus 10 bps
|
| Trade date: | March 4
|
| Settlement date: | March 8
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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