Business: Integrys Energy Group, 6.00% Junior Subordinated Notes due 2073, issued in $25 denominations, redeemable at the issuer's option on or after 8/1/2023 at $25 per note plus accrued and unpaid interest, and maturing 8/1/2073. Fixed interest distributions of 6.00% per annum ($1.50 per annum or $0.375 per quarter) will be paid quarterly on 2/1, 5/1, 8/1 & 11/1 through 8/1/2023 to holders of record on the record date that will be the business day immediately prior to the payment date while the notes remain in book-entry form (NOTE: the ex-dividend date is at least 2 business days prior to the record date). From 8/1/2023 floating rate distributions will be at paid at a rate equal to the three-month LIBOR plus 3.22%. This security is possibly subject to an early call as a result of the occurrence of a tax event or a rating agency event (see the prospectus for further information). The company has the right, at any time, to defer dividend payments more than once for up to 40 consecutive quarters (but not beyond the maturity date). Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. This security was rated as Baa2 by Moody’s and BBB by S&P at the date of its IPO. The Notes are unsecured junior subordinated obligations of the company and will rank junior to all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.