By Cristal Cody
Tupelo, Miss., Nov. 13 – Wisconsin Electric Power Co. sold $250 million of 4.3% 30-year debentures at 99.711 to yield 4.317% on Friday, according to an FWP filing with the Securities and Exchange Commission.
The debentures (A1/A-/A+) priced with a spread of 125 basis points over Treasuries.
Morgan Stanley & Co. LLC, RBC Capital Markets LLC, BMO Capital Markets Corp. and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used for to repay short-term debt, to repay a portion of the company’s outstanding 6.25% debentures due on Dec. 1, 2015 and for working capital and other corporate purposes.
Wisconsin Electric Power is a Milwaukee-based subsidiary of WEC Energy Group, Inc.
| Issuer: | Wisconsin Electric Power Co.
|
| Amount: | $250 million
|
| Maturity: | Dec. 15, 2045
|
| Securities: | Debentures
|
| Bookrunners: | Morgan Stanley & Co. LLC, RBC Capital Markets LLC, BMO Capital Markets Corp., U.S. Bancorp Investments Inc.
|
| Co-managers: | Williams Capital Group, LP, Comerica Securities, Inc.
|
| Coupon: | 4.3%
|
| Price: | 99.711
|
| Yield: | 4.317%
|
| Spread: | 125 bps over Treasuries
|
| Make-whole call: | Before June 15, 2045 at greater of par or Treasury rate plus 20 bps; after early call date at par
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 18
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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