DTE Energy plans $600 million sale of equity units

By Stephanie N. Rotondo

Seattle, Sept. 28 – DTE Energy Co. announced a $600 million registered underwritten public offering of equity units on Wednesday.

There is a $75 million over-allotment option.

Wells Fargo Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

The $50-par units will hold a contract to purchase common stock and a 1/20th, or 5%, undivided beneficial ownership interest in a $1,000-par remarketable senior note.

Proceeds will be used for the purchase of midstream natural gas assets.

DTE is a Detroit-based diversified energy company.

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