04:36 AM EDT, 05/23/2024 (MT Newswires) -- WEC Energy Group ( WEC ) said it priced $750 million of its 4.375% convertible senior notes due 2027 and $750 million of its 4.375% convertible senior notes due 2029 in a private offering.

The company granted 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.

The offering is expected to close on May 28.

The conversion rate for both the 2027 and 2029 notes will initially be 10.1243 shares of WEC common stock per $1,000 of the notes, equivalent to an initial conversion price of about $98.77 per share, the company said.

WEC Energy ( WEC ) plans to use the net proceeds for general corporate purposes.

Price: 83.30, Change: +0.99, Percent Change: +1.20