WEC Energy dips on planned $700 mln convertible debt deal

WEC Energy

05/06/2025 12:43

** Shares of utility co WEC Energy Group WEC.N down 0.7% premarket to $104.96 as it seeks to raise capital

** Milwaukee, Wisconsin-based firm offering privately $700 mln 3-yr convertible bonds

** It plans to use net proceeds for general purposes, including repayment of short-term debt

** With ~319.1 mln shares outstanding, co has $33.7 bln market cap, per LSEG

** WEC shares on Weds closed down 1.5% at $105.73

** YTD, stock up 12% and outperforming S&P 500 Utilities index's .SPLRCU 6% advance

** 6 of 18 analysts rate stock "strong buy" or "buy", rest rate "hold" and median PT is $109.25, according to most recent LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))