WEC Energy Group to replace reference rate for Junior Subordinated Notes
MILWAUKEE, June 30, 2023 /PRNewswire/ — WEC Energy Group (NYSE: WEC) announced today that, after June 30, 2023, CME Term SOFR, as administered by the CME Group Benchmark Administration, will be the replacement reference rate for WEC Energy Group’s 2007 Series A Junior Subordinated Notes due 2067 (CUSIP:976657AH9) (the “Notes”), replacing U.S. dollar LIBOR as the reference rate.
In accordance with the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) and the regulation issued by the Board of Governors of the Federal Reserve System on Dec. 16, 2022, implementing the LIBOR Act (the “LIBOR Rule”), the applicable tenor of three-month CME Term SOFR will be the reference rate for calculations of the amount of interest payable with respect to interest periods with reference rate determination dates occurring after June 30, 2023, and specifically Aug. 15, 2023, in the case of the Notes.
In the case of the Notes, the replacement rate, and therefore calculation of the amount of interest payable on the above security for interest periods with reference rate determination dates that occur after June 30, 2023, will also include the applicable tenor spread adjustment of 0.26161% per annum, as specified in the LIBOR Act.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving nearly 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 growing fleet of renewable generation facilities in states ranging from South Dakota to Texas.
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 37,000 stockholders of record, 7,000 employees and more than
$42 billion of assets.
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SOURCE WEC Energy Group
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