WEC Energy Group Enters Underwriting Agreement for $2.0 Billion Junior Subordinated Notes

Executive Summary

On November 4, 2026, WEC Energy Group, Inc. filed a Current Report on Form 8-K under Item 8.01 disclosing the execution of an Underwriting Agreement on November 2, 2026, for the registered public offering and sale of $2.0 billion aggregate principal amount of junior subordinated notes.

Key Terms of the Offering

• Tranche 1: $1,000,000,000 aggregate principal amount of 6.750% Series 2026A Fixed-to-Fixed Reset Rate Junior Subordinated Notes due August 4, 2057.
• Tranche 2: $1,000,000,000 aggregate principal amount of 6.950% Series 2026B Fixed-to-Fixed Reset Rate Junior Subordinated Notes due August 4, 2057.
• Purchase Price: Underwriters agreed to purchase each tranche at 99.000% of the principal amount.
• Underwriters: Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC, and Wells Fargo Securities, LLC acted as representatives of the underwriting syndicate.
• Registration: Issued pursuant to an effective automatic shelf registration statement on Form S-3 (Registration No. 333-281253).
• Indenture: Issued under the Company's Indenture for Debt Securities dated March 15, 1999, supplemented by Securities Resolutions Nos. 19 and 20.

Market and Credit Implications

• Capital Structure Impact: Junior subordinated hybrid notes generally receive partial equity credit from major credit rating agencies, supporting credit metrics while funding utility capital expenditure programs and refinancing maturities.
• Trading Significance: Low. Large debt issuances of this nature are routine financing operations for major regulated utility holding companies and typically have minimal immediate volatility impact on common equity.