WEC Energy Group Launches Two-Tranche Junior Subordinated Notes Offering Due 2057

Offering Overview

WEC Energy Group, Inc. has filed a preliminary prospectus supplement under Rule 424(b)(5) for a dual-tranche debt offering of hybrid junior subordinated notes due 2057:

• Series 2026A Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057:
  • Initial fixed rate through 2032.
  • Subsequent reset periods benchmarked to the Five-Year Treasury Rate plus a fixed spread, with a floor at the initial interest rate.
• Series 2026B Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057:
  • Initial fixed rate through 2037.
  • Subsequent reset periods benchmarked to the Five-Year Treasury Rate plus a fixed spread, with a floor at the initial interest rate.

Key Terms & Structure

• Subordination: The notes are general unsecured obligations ranking junior to all existing and future Senior Indebtedness ($5.4 billion unconsolidated as of September 30, 2026) and structurally subordinated to subsidiary liabilities ($14.3 billion in long-term debt).
• Optional Interest Deferral: WEC Energy Group retains the right to defer interest payments for up to 20 consecutive semi-annual periods (up to 10 years) per deferral event, during which common stock dividends and share buybacks are suspended.
• Redemption Features: Redeemable at par within 90 days of the first reset date or on subsequent interest payment dates, as well as upon specific Tax Events, Rating Agency Events (102%), or Tax Credit Events (101%).

Use of Proceeds

Net proceeds from the offering will be applied to pay down outstanding short-term indebtedness (commercial paper stood at $1.4 billion with a 4.20% weighted-average interest rate as of September 30, 2026) and for other general corporate purposes.