WEC Energy Group (WEC) entered into an equity distribution agreement on November 4, 2026 that allows it to sell, from time to time, shares of the company's common stock in an aggregate amount of up to US$ 4 bi. The sales will be made through banks acting as sales agents, including Barclays, BofA Securities, Citigroup, Goldman Sachs, J.P. Morgan and Morgan Stanley.
The agreement also provides for forward sale transactions, in which the company sets the terms of the share sale now and receives the proceeds only at future settlements. In these transactions, the banks borrow shares from third parties and sell them in the market. WEC does not initially receive proceeds from these sales and expects to receive the cash upon physical settlement, on dates chosen by the company up to the maturity of each transaction.
There are two forward transaction formats. In the first, the initial price depends on the volume-weighted average price of the sales, less the commission and with adjustments for interest rate and expected quarterly dividends. In the second, called collared, the price received falls between a floor and a cap set at the end of an initial selling period.
WEC will pay the agents a commission of up to 1.00% of the sale price of each share. The amount actually sold will depend on market conditions, the share price, capital needs and the financing sources the company chooses. The shares will be offered under a registration statement already filed with the SEC.
