WEC Energy accepts early tenders for $122.07 million notes due 2067

By Marisa Wong

Los Angeles, Jan. 24 – WEC Energy Group Inc. announced the early results of its Jan. 9 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).

As of 5 p.m. ET on Jan. 23, the early tender time, holders had tendered $122,066,000 principal amount of notes, according to a Wednesday news release.

WEC Energy expects to accept for purchase all of the early tendered notes without proration. The company will pay an aggregate purchase price of $115,199,787.50, excluding accrued interest, on Jan. 26.

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 tendered their notes by the early tender time. Holders tendering after the early deadline will be eligible to receive the tender offer consideration of $893.75 per $1,000 principal amount.

The offer will expire at 5 p.m. ET on Feb. 7. Final settlement is expected to occur on Feb. 9.

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

The company said before 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, the company said it may redeem any or all of the notes not purchased under the tender offer for par plus accrued interest.

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

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

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

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