WEC Energy Group announces upsize and pricing of $775 million of 3.375% Convertible Senior Notes due 2028

Core Viewpoint - WEC Energy Group, Inc. has announced the pricing of $775 million in convertible senior notes, which is an increase from the previously announced $700 million offering, indicating strong demand for the securities [1][6]. Group 1: Offering Details - The offering consists of 3.375% convertible senior notes due June 1, 2028, with interest paid semiannually [2]. - The offering is expected to close on June 10, 2025, subject to customary closing conditions [1]. - Initial purchasers have the option to buy an additional $125 million in convertible notes within a 13-day period after the initial issuance [1]. Group 2: Conversion Features - Holders can convert their notes only upon certain events until March 1, 2028, after which conversion can occur at any time until two trading days before maturity [3]. - The initial conversion rate is set at 7.7901 shares per $1,000 principal amount, equating to an initial conversion price of approximately $128.37 per share, representing a 22.5% premium over the last reported stock price [4]. Group 3: Repurchase and Redemption - In the event of a fundamental change, holders may require WEC Energy Group to repurchase their notes at 100% of the principal amount plus accrued interest [5]. - The company cannot redeem the convertible notes prior to maturity [6]. Group 4: Use of Proceeds - The net proceeds from the offering will be used for general corporate purposes, including the repayment of short-term debt [6]. Group 5: Company Overview - WEC Energy Group serves approximately 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota [8]. - The company operates several principal utilities and has a subsidiary focused on renewable energy generation [9].