FWP 1 g16920fwfwp.htm WISCONSIN ELECTRIC POWER COMPANY WISCONSIN ELECTRIC POWER COMPANY
Pricing Term Sheet
Filed Pursuant to Rule 433(d)
Registration Statement No. 333-145083
December 8, 2008
     
Issuer:
   Wisconsin Electric Power Company
 
    
Security:
   6.25% Debentures due December 1, 2015
 
    
Principal Amount:
   $250,000,000
 
    
Maturity:
   December 1, 2015
 
    
Coupon:
   6.25%
 
    
Initial Price to Public:
   99.941% per Debenture
 
    
Yield to Maturity:
   6.261%
 
    
Spread to Benchmark Treasury:
   +425 bp
 
    
Benchmark Treasury:
   4.50% due November 15, 2015
 
    
Benchmark Treasury Yield:
   2.011%
 
    
Interest Payment Dates:
   June 1 and December 1, commencing June 1, 2009
 
    
Redemption Provisions:
   The debentures will be redeemable as a whole at any time, or in part from time to time, at our option, at a redemption price equal to the greater of (a) 100% of the principal amount of the debentures being redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus accrued interest to the redemption date.
 
    
Expected Settlement:
   T+3; December 11, 2008
 
    
Ratings*
   A1/A-/A+ (Moody’s/S&P/Fitch)
 
    
CUSIP:
   976656 CB2
 
    
Joint Book-Running Managers:
   Banc of America Securities LLC
 
   Goldman, Sachs & Co.
 
   Morgan Stanley & Co. Incorporated
 
   SunTrust Robinson Humphrey, Inc.
 
*   Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Banc of America Securities LLC toll-free at 1-800-294-1322, Goldman, Sachs & Co. toll-free at 1-866-471-2526, Morgan Stanley & Co. Incorporated toll-free at 1-866-718-1649 or SunTrust Robinson Humphrey, Inc. toll-free at 1-800-685-4786.