WEC Energy ticks up after convertible debt sale boosted to $775 mln

WEC Energy

06/06/2025 14:08

** Shares of utility WEC Energy Group WEC.N up 0.1% to $104.90 before the bell after upsized capital raise

** Milwaukee, Wisconsin-based co late Thurs announced pricing $775 mln 3.375% 3-yr convertible bond offering

** initial conversion price set at $128.37, 22.5% above stock's last sale

** WEC shares on Thurs finished down 0.9% at $104.79 after co announced $700 mln offering

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

** Through Thurs, WEC shares up ~11% YTD, well outperforming S&P 500 Utilities index's .SPLRCU 6% advance

** Of 17 analysts covering WEC, recommendation breakdown is 6 "strong buy" or "buy" and 11 "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))