Latest news with #WECEnergyGroup
Business Insider
4 hours ago
- Business
- Business Insider
WEC Energy prices upsized $775M offering of convertible senior notes due 2028
WEC Energy (WEC) announced the pricing of $775,000,000 in aggregate principal amount of its 3.375% convertible senior notes due 2028 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The offering was upsized from the previously announced offering of $700,000,000 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 $125,000,000 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. The conversion rate for the convertible notes will initially be 7.7901 shares of WEC Energy Group's common stock per $1,000 principal amount of the convertible notes (equivalent to an initial conversion price of approximately $128.37 per share of common stock), representing an initial conversion premium of approximately 22.5% above the last reported sale price of WEC Energy Group's common stock on June 5, 2025.
Yahoo
11 hours ago
- Business
- Yahoo
WEC Energy Group announces upsize and pricing of $775 million of 3.375% Convertible Senior Notes due 2028
MILWAUKEE, June 5, 2025 /PRNewswire/ -- WEC Energy Group, Inc. (NYSE: WEC) today announced the pricing of $775,000,000 in aggregate principal amount of its 3.375% convertible senior notes due 2028 (the "convertible notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The offering was upsized from the previously announced offering of $700,000,000 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 $125,000,000 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. Prior to March 1, 2028, holders will have the right to convert their convertible notes only upon the occurrence of certain events and during certain periods. From and after March 1, 2028, holders will have the right to convert their convertible notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the convertible notes. Upon conversion, WEC Energy Group will pay cash up to the aggregate principal amount of the convertible notes to be converted and pay or deliver, as the case may be, cash, shares of WEC Energy Group's common stock, or a combination of cash and shares of common stock, at WEC Energy Group's election, in respect of the remainder, if any, of WEC Energy Group's conversion obligation in excess of the aggregate principal amount of the convertible notes being converted. The conversion rate for the convertible notes will initially be 7.7901 shares of WEC Energy Group's common stock per $1,000 principal amount of the convertible notes (equivalent to an initial conversion price of approximately $128.37 per share of common stock), representing an initial conversion premium of approximately 22.5% above the last reported sale price of WEC Energy Group's common stock on June 5, 2025. The conversion rate is subject to adjustment in certain circumstances. In addition, following certain corporate events that occur prior to the maturity date of the convertible notes, WEC Energy Group will, in certain circumstances, increase the conversion rate of the convertible notes for any holder who elects to convert its notes in connection with such corporate event. If WEC Energy Group undergoes a fundamental change (as defined in the indenture that will govern the convertible notes), subject to certain conditions, holders of the convertible notes may require WEC Energy Group to repurchase for cash all or any portion of their convertible notes at a repurchase price equal to 100% of the principal amount of the convertible notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. WEC Energy Group may not redeem the convertible notes prior to their maturity date. WEC Energy Group intends to use the net proceeds from this offering for general corporate purposes, including the repayment of short-term indebtedness. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The offer and sale of the convertible notes and the shares of common stock issuable upon conversion of the convertible notes, if any, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and the convertible notes and such shares of common stock may not be offered or sold without registration or an applicable exemption from registration requirements. WEC Energy Group (NYSE: WEC), based in Milwaukee, is an energy company serving 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota. The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a fleet of renewable generation facilities in states ranging from South Dakota to Texas. Forward-looking statements Certain statements contained in this press release are "forward-looking statements" under federal securities laws. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in the forward-looking statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements regarding the completion of the offering of convertible notes and the intended use of proceeds. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: market conditions; the satisfaction of closing conditions related to the offering; and risks relating to WEC Energy Group's business, including those described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2024, and in subsequent reports filed with the Securities and Exchange Commission. There can be no assurance that the offering of convertible notes will be completed on the anticipated terms, or at all. Except as may be required by law, WEC Energy Group expressly disclaims any obligation to update any forward‐looking information. From: Brendan Conway (media) Beth Straka (investment community) View original content: SOURCE WEC Energy Group Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
WEC Energy Group announces offering of Convertible Senior Notes due 2028
MILWAUKEE, June 5, 2025 /PRNewswire/ -- WEC Energy Group, Inc. (NYSE: WEC) today announced that it intends to offer, subject to market and other conditions, $700,000,000 in aggregate principal amount of its convertible senior notes due 2028 (the "convertible notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In addition, WEC Energy Group expects to grant 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 $105,000,000 in aggregate principal amount of the convertible notes. Final terms of the convertible notes, including the initial conversion price, interest rate and certain other terms of the convertible notes, will be determined at the time of pricing. The convertible notes will be senior, unsecured obligations of WEC Energy Group. Interest on the convertible notes will be paid semiannually. The convertible notes will mature on June 1, 2028, unless earlier converted or repurchased in accordance with their terms. Prior to March 1, 2028, holders will have the right to convert their convertible notes only upon the occurrence of certain events and during certain periods. From and after March 1, 2028, holders will have the right to convert their convertible notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the convertible notes. Upon conversion, WEC Energy Group will pay cash up to the aggregate principal amount of the convertible notes to be converted and pay or deliver, as the case may be, cash, shares of WEC Energy Group's common stock, or a combination of cash and shares of common stock, at WEC Energy Group's election, in respect of the remainder, if any, of WEC Energy Group's conversion obligation in excess of the aggregate principal amount of the convertible notes being converted. WEC Energy Group intends to use the net proceeds from this offering for general corporate purposes, including the repayment of short-term indebtedness. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The offer and sale of the convertible notes and the shares of common stock issuable upon conversion of the convertible notes, if any, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and the convertible notes and such shares of common stock may not be offered or sold without registration or an applicable exemption from registration requirements. WEC Energy Group (NYSE: WEC), based in Milwaukee, is an energy company serving 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota. The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a fleet of renewable generation facilities in states ranging from South Dakota to Texas. Forward-looking statements Certain statements contained in this press release are "forward-looking statements" under federal securities laws. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in the forward-looking statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning the anticipated terms of the convertible notes being offered, the completion, timing and size of the offering and the intended use of proceeds. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: market conditions, including market interest rates; the trading price and volatility of WEC Energy Group's common stock; and risks relating to WEC Energy Group's business, including those described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2024, and in subsequent reports filed with the Securities and Exchange Commission. There can be no assurance that the planned offering of convertible notes will be completed on the anticipated terms, or at all. Except as may be required by law, WEC Energy Group expressly disclaims any obligation to update any forward‐looking information. View original content: SOURCE WEC Energy Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Potential future use for Kewaunee Power Station revealed
KEWAUNEE COUNTY, Wis. (WFRV) – Residents of the town of Carlton are finally getting answers about a potential project at the Kewaunee Power Station that has caused widespread apprehension. When people began approaching residents asking them to sell their land, rumors began circulating that EnergySolutions, the owner of the Kewaunee power plant, needed the extra land for solar, wind, or even AI farm projects. 'It's a very unsettling feeling for me because it's a huge decision,' said town of Carlton resident Jason Walechka who said a Milwaukee-based real estate company has approached him about selling land he owns near the power plant. 'I would still like to own and retain my farmland so I can keep farming, that is one of my main concerns.' A Tuesday morning press release from EnergySolutions quelled some of these suspicions. Company officials announced they are pursuing an early site permit at the Kewaunee Power Station to potentially bring nuclear power back to the site. Menasha elementary students enjoy 49th annual All-City Track and Field Wellness Day 'We are excited to partner with WEC Energy Group to explore the next generation of nuclear power,' said Ken Robuck, President and CEO of EnergySolutions. 'With rising energy demand driven by data centers, artificial intelligence and industrial growth, the need for reliable, carbon-free power has never been greater. By bringing our nuclear licensing and project development expertise to the table, we look forward to supporting WEC in the early planning stages for newnuclear generation in Wisconsin.' EnergySolutions representatives were at a town board meeting on Tuesday night to answer questions constituents had about the project. They answered questions about the nature of the project which town supervisors said was one of the most common questions from constituents. 'There's no discussion on solar or wind, it's all nuclear that is being discussed,' said Joe Zwetolitz. He said that they're trying to purchase about 1500 acres of land around the power plant. So far, they've secured about 350 acres. He said they will adjust the final scope of any potential project based on how much land they obtain. 'Because the amount of power that they want to generate is greater than what they have on the site currently their interest in making sure they have enough room to do what they want on the property is what drove the offers for the adjacent land around our current property,' he said. Zwetolitz said that EnergySolutions doesn't have the power to obtain land through eminent domain. He said he couldn't speak for WEC Energy Group though. John Laughrin reflects on 25 years in Green Bay news, launches Four Leaf Communications 'The offers made to purchase are all the offers we will make,' said Zwetolitz. 'There's no intention to seek additional owners or look for any other plats than have been offered.' 'Just to get the answers for the questions, we have more witnesses so we can hold them to their word,' said town chairman David Hardtke when asked why this meeting was important. EnergySolutions is in the process of decommissioning the current Kewaunee Power Station site. It closed in 2013. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
08-05-2025
- Business
- Yahoo
WEC Energy price target raised to $115 from $110 at Scotiabank
Scotiabank analyst Andrew Weisel raised the firm's price target on WEC Energy (WEC) to $115 from $110 and keeps an Outperform rating on the shares. The firm remains bullish on the stock as it believes the above average EPS/DPS growth and consistency should be attractive in today's uncertain macroeconomic environment, the analyst tells investors. Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on WEC: Disclaimer & DisclosureReport an Issue WEC Energy Group Reports Strong Q1 2025 Earnings WEC Energy Group's Strong Start: Earnings and Investments WEC Energy sees Q2 EPS 63c-69c, consensus 91c WEC Energy reports Q1 EPS $2.27, consensus $2.18 WEC Energy reaffirms FY25 EPS view $5.17-$5.27, consensus $5.24 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
