WEC Energy begins capped tender for $300 million subordinated notes due 2067

By Wendy Van Sickle

Columbus, Ohio, Jan. 9 – WEC Energy Group Inc. began an offer to purchase for cash up to $300 million principal amount of its $500 million outstanding 2007 series A junior subordinated notes due 2067 (Cusip: 976657AH9), according to a news release.

The company is offering a total consideration of $943.75 per $1,000 principal amount of notes, which includes an early tender premium of $50 that will be paid only to holders who tender their notes by 5 p.m. ET on Jan. 23.

The offer will expire at 5 p.m. ET on Feb. 7.

Notes may be subject to proration if the amount tendered exceeds the cap.

If there is an early settlement date, it is expected to be on Jan. 26.

Final settlement is expected to occur on Feb. 9.

The company said that, from time to time in the future, it may acquire notes from the series that are not purchased in the tender offer through open market purchases, privately negotiated transactions, tender offers, exchange offers or otherwise at prices that may be more or less than any price paid under the tender offer and could be for cash or other consideration. Alternatively, WEC said it may redeem any or all of the notes not purchased under the tender offer for par plus accrued interest.

Global Bondholder Services Corp. (212 430-3774 or 855 654-2015) is the information and depository agent.

Barclays Capital Inc. (212 528-7581, 800 438-3242 or us.lm@barclays.com) is the dealer manager.

The electric and natural gas services holding company is based in Milwaukee.

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