Detroit Edison to repay notes, tax-exempt bonds with sale proceeds

By Tali David

Minneapolis, June 19 - The Detroit Edison Co. plans to redeem its 5.2% senior notes due Oct. 15, 2012 and repurchase certain tax-exempt bonds due Aug. 1, 2024 and Dec. 15, 2032 with the proceeds of its mortgage bond sale, according to a 424B5 filed with the Securities and Exchange Commission.

The tax-exempt bonds bear interest at rates of 3.05%, 5.25% and 5.45%

The company said it also plans to use proceeds to repay short-term borrowings and for general corporate purposes.

The electric subsidiary of DTE Energy is based in Detroit.

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