WEC Energy Group Announces Cash Tender Offer for up to $350 Million of its Outstanding Senior Notes

Core Viewpoint - WEC Energy Group has initiated a cash tender offer for up to $350 million in aggregate principal amount of its outstanding senior notes, providing an opportunity for bondholders to tender their securities [1]. Summary by Sections Tender Offer Details - The tender offer is for a maximum of $350 million in senior notes, with specific acceptance priority levels and purchase price information outlined in a table [2][3]. - The tender offer will expire at 5:00 p.m. Eastern time on January 6, 2025, with an early tender date set for December 18, 2024 [5][11]. Securities Information - The tender offer includes three series of senior notes with varying principal amounts and fixed spreads, including: - 5.60% Senior Notes due 2026: $600 million outstanding, $125 million acceptance sublimit, +25 bps fixed spread, $30 early tender payment [3]. - 1.80% Senior Notes due 2030: $450 million outstanding, $150 million acceptance sublimit, +47 bps fixed spread, $30 early tender payment [3]. - 2.20% Senior Notes due 2028: $500 million outstanding, $100 million acceptance sublimit, +40 bps fixed spread, $30 early tender payment [3]. Payment and Consideration - Holders of securities accepted for purchase will receive accrued and unpaid interest from the last interest payment date up to the settlement date [6]. - The total consideration for securities validly tendered will be determined based on the fixed spread and yield to maturity, with early tender payments included for those who tender before the early tender date [7][9]. Conditions and Management - The tender offer is not subject to a minimum tender condition but is subject to the satisfaction of conditions described in the Offer to Purchase [14]. - WEC Energy Group has retained Barclays Capital Inc. as the dealer manager for the tender offer, and inquiries can be directed to their Liability Management Group [16]. Company Overview - WEC Energy Group is a leading energy company serving approximately 4.7 million customers across several states, with significant assets exceeding $45 billion [20][22].