WEC Energy Group has announced the pricing of $775,000,000 in aggregate principal amount of its 3.375 percent convertible senior notes due 2028 (the "convertible notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The offering was upsized from the previously announced offering of $700,000,000 aggregate principal amount of the convertible notes. In addition, WEC Energy Group granted the initial purchasers of the convertible notes an option to purchase within a 13-day period beginning on, and including, the date the convertible notes are first issued, up to an additional $125,000,000 in aggregate principal amount of the convertible notes. The offering closed on June 10, 2025.

The convertible notes will be senior, unsecured obligations of WEC Energy Group. Interest on the convertible notes will be paid semiannually at a rate of 3.375 percent per annum. The convertible notes will mature on June 1, 2028, unless earlier converted or repurchased in accordance with their terms. 

Prior to March 1, 2028, holders will have the right to convert their convertible notes only upon the occurrence of certain events and during certain periods. From and after March 1, 2028, holders will have the right to convert their convertible notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the convertible notes. Upon conversion, WEC Energy Group will pay cash up to the aggregate principal amount of the convertible notes to be converted and pay or deliver, as the case may be, cash, shares of WEC Energy Group's common stock, or a combination of cash and shares of common stock, at WEC Energy Group's election, in respect of the remainder, if any, of WEC Energy Group's conversion obligation in excess of the aggregate principal amount of the convertible notes being converted.

The conversion rate for the convertible notes will initially be 7.7901 shares of WEC Energy Group's common stock per $1,000 principal amount of the convertible notes (equivalent to an initial conversion price of approximately $128.37 per share of common stock), representing an initial conversion premium of approximately 22.5 percent above the last reported sale price of WEC Energy Group's common stock on June 5, 2025. The conversion rate is subject to adjustment in certain circumstances. In addition, following certain corporate events that occur prior to the maturity date of the convertible notes, WEC Energy Group will, in certain circumstances, increase the conversion rate of the convertible notes for any holder who elects to convert its notes in connection with such corporate event.