Jun. 6 at 10:43 AM
$WEC WEC Energy prices upsized
$775M offering of convertible senior notes due 2028
WEC Energy announced the pricing of
$775,000,000 in aggregate principal amount of its 3.375% convertible senior notes due 2028 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The offering was upsized from the previously announced offering of
$700,000,000 aggregate principal amount of the convertible notes.
In addition, WEC Energy Group granted the initial purchasers of the convertible notes an option to purchase, within a 13-day period beginning on, and including, the date the convertible notes are first issued, up to an additional
$125,000,000 in aggregate principal amount of the convertible notes. The offering is expected to close on June 10, 2025, subject to customary closing conditions.
The convertible notes will be senior, unsecured obligations of WEC Energy Group. Interest on the convertible notes will be paid semiannually, at a rate of 3.375% per annum. The convertible notes will mature on June 1, 2028, unless earlier converted or repurchased in accordance with their terms.
The conversion rate for the convertible notes will initially be 7.7901 shares of WEC Energy Group's common stock per
$1,000 principal amount of the convertible notes (equivalent to an initial conversion price of approximately
$128.37 per share of common stock), representing an initial conversion premium of approximately 22.5% above the last reported sale price of WEC Energy Group's common stock on June 5, 2025.
