By Devika Patel and Cristal Cody
Knoxville, Tenn., June 8 – Wisconsin Electric Power Co. priced $300 million of 1.7% seven-year debentures (A2/A-/A+) at Treasuries plus 50 basis points on Tuesday according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.98 to yield 1.703%.
The notes were talked in the area of 75 bps over Treasuries, according to a market source.
BofA Securities Inc., MUFG, PNC Capital Markets LLC and RBC Capital Markets LLC are the bookrunners.
Proceeds will be used to redeem the company’s $300 million of 2.95% debentures due Sept. 15, 2021.
Wisconsin Electric Power is a Milwaukee-based subsidiary of WEC Energy Group, Inc.
| Issuer: | Wisconsin Electric Power Co.
|
| Amount: | $300 million
|
| Description: | Debentures
|
| Maturity: | June 15, 2028
|
| Bookrunners: | BofA Securities Inc., MUFG, PNC Capital Markets LLC and RBC Capital Markets LLC
|
| Co-managers: | Comerica Securities Inc. and Siebert Williams Shank & Co. LLC
|
| Coupon: | 1.7%
|
| Price: | 99.98
|
| Yield: | 1.703%
|
| Spread: | Treasuries plus 50 bps
|
| Call: | Make-whole call at Treasuries plus 10 bps until April 15, 2028, then a par call
|
| Trade date: | June 8
|
| Settlement date: | June 15
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A+
|
| Guidance: | Treasuries plus 75 bps area
|
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