DTE Energy to price two-tranche sale of senior notes due 2019, 2026

By Devika Patel

Knoxville, Tenn., Sept. 29 – DTE Energy Co. intends to conduct a two-tranche offering of 2016 series D senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The notes, which will be due in 2019 and 2026, will have a make-whole call followed by a par call.

Wells Fargo Securities LLC, BNY Mellon Capital Markets LLC and MUFG are the bookrunners for the 2019 notes and Wells Fargo Securities LLC, Barclays, BofA Merrill Lynch, Scotiabank, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners for the 2026 notes.

Proceeds from the 10-year notes will be used to help fund the purchase of midstream natural gas assets in the Appalachia Basin. If the acquisition is not completed, the company will be required to redeem the 2026 notes at 101 plus interest to the redemption date.

The three-year note proceeds will be used to repay short-term borrowings.

DTE is a Detroit-based diversified energy company.

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