WEC Energy Group Inc. (WEC) announced on Thursday the pricing of $750 million in aggregate principal amount of its 4.375% convertible senior notes due 2027, and an additional $750 million in aggregate principal amount of its 4.375% convertible senior notes due 2029. These notes are being offered in a private placement to qualified institutional buyers.
Furthermore, the company has granted the initial purchasers an option to acquire up to an additional $112.50 million of the 2027 convertible notes and up to an additional $112.50 million of the 2029 convertible notes. This purchase option is valid for a 13-day window starting from the date the notes are initially issued.
The offering is anticipated to close on May 28, subject to customary closing conditions.
The convertible notes are set to mature on June 1, 2027, for the 2027 series, and on June 1, 2029, for the 2029 series.
Proceeds from this offering will be used by WEC Energy Group for general corporate purposes, including the repayment of short-term debt.
