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Wisconsin Electric Power sells $300M of debentures

Wisconsin Electric Power Co. sold $300 million of 4.30% unsecured debentures due Oct. 15, 2048, to repay short-term debt, for working capital and other corporate purposes, according to company filings.

Pending such use, the WEC Energy Group Inc. subsidiary said it may also temporarily invest the proceeds for the intended purposes in U.S. governmental securities and other high quality U.S. securities.

Interest is payable semiannually April 15 and Oct. 15 of each year, starting April 15, 2019. The debentures have a spread to benchmark Treasury of 110 basis points and were expected to be rated A2 by Moody's, A- by S&P Global Ratings and A+ by Fitch Ratings.

BNP Paribas Securities Corp., PNC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC acted as joint book-running managers. Penserra Securities LLC and The Williams Capital Group LP served as co-managers.

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