07:35 AM EDT, 05/22/2024 (MT Newswires) -- WEC Energy Group ( WEC ) said Wednesday that it plans to offer $750 million of its convertible senior notes due June 1, 2027 and $750 million of its convertible senior notes due June 1, 2029 in a private offering.

The company also expects to grant the initial purchasers a 13-day option to buy up to an additional $112.5 million of the 2027 notes and up to an additional $112.5 million of the 2029 notes.

Final terms of the notes such as the initial conversion price and interest rate will be determined at the time of pricing.

The company said it plans to use the net proceeds for general corporate purposes, including the repayment of short-term indebtedness.

Shares of WEC were down more than 2% in recent premarket activity on Wednesday.

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