Company: WELPM
Filing Date: 2025-09-18
Form Type: 424B5
Source: 0001104659-25-091050
Chunk: 22

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-18
Form: 424B5
Chunk 22
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 a penalty
bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because
the representatives have repurchased Debentures sold by or for the account of such underwriter in stabilizing or short covering transactions.

The Debentures are a new issue of debt
securities with no established trading market. We have been advised by the underwriters that they intend to make a market in the Debentures,
but they are not obligated to do so and may discontinue market making at any time without notice. We cannot assure you as to the liquidity
of the trading market for the Debentures.

We estimate that our total expenses for
this offering, not including the underwriting discount, will be approximately $1.4 million.

We expect to deliver the Debentures against
payment for the Debentures on or about the date specified in the last paragraph on the cover page of this prospectus supplement,
which will be the business day following the date of the pricing of the Debentures (this settlement cycle being referred to as “T+ ”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business
day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Debentures on the date
of pricing or the next succeeding business day(s) will be required, by virtue of the fact that the Debentures initially will settle
in T+ , to specify alternate settlement arrangements to prevent a failed settlement. Purchasers of the Debentures who wish to trade the
Debentures on the date of pricing or the next succeeding business day(s) should consult their own advisors.

The underwriters and their respective
affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and
investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. In the
ordinary course of their respective businesses, certain of the underwriters and their affiliates have provided, currently provide and
may in the future provide, investment banking, commercial banking, advisory and other services for us and our affiliates, for which they
received and will receive customary fees and expenses. Affiliates of certain of the book-running managers are lenders under our existing
$800 million revolving credit facility.

In the ordinary course of their various
business activities, the underwriters and their respective affiliates may