Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 164

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 164
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 conditional commitment for a federal loan guarantee for up to $2.5 billion of borrowings that we would use to fund a portion of the costs to construct certain utility-scale renewable generation projects. The conditional commitment was issued pursuant to provisions of the IRA. Under the conditional commitment, the guaranteed borrowings would be senior, unsecured borrowings made through the Federal Financing Bank and reduce our issuance of senior, unsecured obligations in the capital markets. Final approval and issuance of a loan guarantee by the DOE is subject to numerous conditions, including negotiation of definitive agreements, completion of due diligence by the DOE, receipt of any necessary regulatory approvals, and the satisfaction of other conditions. In addition, in January 2025, President Trump issued an executive order that requires all federal agencies to immediately halt the disbursement of funds under the IRA and to review their processes for issuing, among other things, loan guarantees. There can be no assurance that the DOE will issue the loan guarantee.

In May 2024, we issued $350.0 million of 5.00% Debentures, due May 15, 2029, and used the net proceeds to repay short-term debt and for other general corporate purposes.

In September 2024, we issued $300.0 million of 4.60% Debentures due October 1, 2034 and $300.0 million of 5.05% Debentures due October 1, 2054, and used the net proceeds to repay short-term debt and for other general corporate purposes.

In December 2024, our $300.0 million 2.05% Debentures due December 15, 2024, matured and the outstanding principal and accrued interest were paid with the proceeds received from issuing commercial paper.

| Wisconsin Electric Power Company |     | B-49 |     | 2024 Annual Financial Statements |

The following table shows the future maturities of our long-term debt outstanding as of December 31, 2024:

| (in millions) |     |   |         |
|:--------------|:----|:--|--------:|
| 2025          |     | $ |   259.2 |
| 2026          |     |   |     9.3 |
| 2027          |     |   |     9.5 |
| 2028          |     |   |   459.6 |
| 2029          |     |   |   359.8