By Cristal Cody
Tupelo, Miss., Nov. 13 – DTE Energy Co. priced $400 million of $25-par 2017 series E 5.25% junior subordinated debentures due Dec. 1, 2077 (Baa2/BBB-/BBB-) on Monday, according to an FWP filed with the Securities and Exchange Commission.
BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC were the bookrunners.
The deal does not have an over-allotment option.
The notes are callable beginning Dec. 1, 2022 at par.
Interest will be payable on the first day of March, June, September and December, beginning March 1, 2018.
Proceeds will be used to repay short-term borrowings and for general corporate purposes.
The energy company is based in Detroit.
| Issuer: | DTE Energy Co.
|
| Amount: | $400 million
|
| Description: | Junior subordinated debentures
|
| Maturity: | Dec. 1, 2077
|
| Bookrunners: | BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG, TD Securities (USA) LLC and Siebert Cisneros Shank & Co., LLC
|
| Coupon: | 5.25%
|
| Price: | Par of $25.00
|
| Yield: | 5.25%
|
| Call features: | On or after Dec. 1, 2022 at par
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 17
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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