WASHINGTON (dpa-AFX) - WEC Energy Group Inc. (WEC) announced the pricing of $775 million in aggregate principal amount of its 3.375% convertible senior notes due 2028 in a private offering.
The offering was upsized from the previously announced offering of $700 million 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 million 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.
WEC Energy Group intends to use the net proceeds from this offering for general corporate purposes, including the repayment of short-term indebtedness.
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