Company: WELPM
Filing Date: 2025-09-18
Form Type: 424B5
Source: 0001104659-25-091050
Chunk: 9

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-18
Form: 424B5
Chunk 9
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 the redemption date at the redemption price stated in the notice.

A notice of redemption may be conditional
and provide that it is subject to the occurrence of any event described in the notice before the date fixed for the redemption. A notice
of conditional redemption will be of no effect unless all conditions to the redemption have occurred before the redemption date or have
been waived by us.

The Debentures have no sinking fund provisions.

Covenants

The indenture provides that, so long
as any of the debentures issued under the indenture remain outstanding, we will not, and we will not permit any subsidiary to, create
or suffer to be created or to exist any mortgage, pledge, security interest or other lien on any of our properties or assets now owned
or later acquired to secure any indebtedness, without making effective provision so that the debentures will be equally and ratably secured.
This covenant is subject to termination upon defeasance and to certain other significant exceptions described under “Description
of Debt Securities — Limitations on Liens” in the accompanying prospectus, including the possible issuance of first mortgage
bonds in the future. In addition, any liens created in connection with (i) the sale by Wisconsin Electric of “environmental
control property” (as defined in Section 196.027(1)(h) of the Wisconsin Statutes) to a subsidiary of Wisconsin Electric
and the related issuance by such subsidiary of “environmental trust bonds” (as defined in Section 196.027 of the Wisconsin
Statutes) or (ii) any sale of similar assets and the related issuance of other similar securities pursuant to legislation adopted
by the State of Wisconsin, shall also be exempt from the limitations on liens in Section 4.07 of the indenture. Future series of
securities issued under the indenture may or may not have different covenants.

As of the date of this prospectus supplement,
we had no outstanding first mortgage bonds or other secured debt outstanding. The indenture does not limit the amount of debt securities
we can issue under it and does not limit our ability to issue first mortgage bonds in the future or to enter into sale and leaseback
transactions. As of June 30, 2025, we estimate that we would be permitted to issue up to approximately $10.8 billion of first mortgage
bonds under the existing terms of the first mortgage bond indenture. As there are no bonds presently outstanding under the first mortgage
bond indent