New Issue: DTE Energy prices $850 million 5.85% 10-year notes at 125 bps spread

By Wendy Van Sickle

Columbus, Ohio, April 29 – DTE Energy Co. priced an upsized $850 million of 5.85% 10-year senior notes (Baa2/BBB/BBB) on Monday at 99.925 to yield 5.859%, or a spread of 125 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC were the bookrunners.

Proceeds will be used to repay a portion of the company’s $675 million 2016 series C 2.529% senior notes due Oct. 1, 2024 and $1.3 billion 2019 series F 4.22% senior notes due Nov. 1, 2024 and for other general corporate purposes.

Detroit-based DTE Energy is engaged in utility operations through subsidiaries DTE Electric Co. and DTE Gas Co.

Issuer:	DTE Energy Co.
Amount:	$850 million
Issue:	2024 series D senior notes
Maturity:	June 1, 2034
Bookrunners:	Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
Co-managers:	Comerica Securities, Inc., Fifth Third Securities, Inc. and Truist Securities, Inc.
Trustee:	Bank of New York Mellon Trust Co., NA
Counsel to issuer:	In-house
Counsel to underwriters:	Bracewell LLP
Coupon:	5.85%
Price:	99.925
Yield:	5.859%
Spread:	Treasuries plus 125 bps
Call features:	Make-whole call at Treasuries plus 20 bps until March 1, 2034, then a par call
Trade date:	April 29
Settlement date:	May 3
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB
Distribution:	SEC registered
Cusip:	233331BL0

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