DTE Energy successfully remarkets DTE Energy Company 2019 Series F 4.220% Senior Notes

Rhea-AI Summary

DTE Energy announced the successful remarketing of its 2019 Series F 4.220% Senior Notes due 2024, originally issued on Nov. 1, 2019. The maturity date has been moved up from Nov. 1, 2025 to Nov. 1, 2024. The remarketing, set to close on Aug. 8, 2022, will not generate direct proceeds for DTE; instead, proceeds will fund the purchase of treasury securities maturing by Nov. 1, 2022. These securities are linked to stock purchase contracts from the Corporate Units.

Positive

• None.

Negative

• DTE Energy will not receive direct proceeds from the remarketing.

Detroit, Aug. 04, 2022 (GLOBE NEWSWIRE) -- DETROIT, Aug. 4, 2022 – DTE Energy (NYSE:DTE) today announced it has successfully remarketed the DTE Energy Company 2019 Series F 4.220% Senior Notes due 2024. The optional remarketing was completed pursuant to the terms of the governing documents for the notes that were originally issued as part of Corporate Units of DTE Energy on Nov. 1, 2019. In connection with the remarketing, DTE Energy elected to move up the maturity date of the notes from Nov. 1, 2025 to Nov. 1, 2024.

The remarketing is expected to close on Aug. 8, 2022, subject to customary closing conditions. On and after closing, the notes will bear interest at 4.220% per year.

DTE Energy will not directly receive any proceeds from the remarketing of the notes. The proceeds will be used to purchase a portfolio of treasury securities maturing on or prior to Nov. 1, 2022, which is the stock purchase contract settlement date for the Corporate Units. It is expected that on Nov. 1, 2022, a portion of the proceeds of the portfolio of treasury securities required to be purchased with the proceeds of the remarketing will be used to settle the stock purchase contracts issued as part of the Corporate Units. The remaining portion of the proceeds of the portfolio of treasury securities will be distributed to the holders of the Corporate Units.

The offering was made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (SEC). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering of notes in connection with the remarketing may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, 1-888-603-5847, Email: barclaysprospectus@broadridge.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: Investment Grade Syndicate Desk, 3rd Floor, Telephone collect: 1-212-834-4533;Wells Fargo Securities, LLC, 608 2nd Avenue South, Minneapolis, MN 55402, Attn: WFS Customer Service, Toll-Free: 1-800-645-3751, Email: wfscustomerservice@wellsfargo.com; BNY Mellon Capital Markets, LLC, 240 Greenwich Street, 3rd Floor, New York, NY 10286, Attn: Debt Capital Markets, 1-800-269-6869; Fifth Third Securities, 38 Fountain Square Plaza, Cincinnati, Ohio 45263, Toll Free: 1-866-531-5353; U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor, Charlotte, NC 28202, Attn: Debt Capital Markets, Toll-Free: 1-877-558-2607; Comerica Securities, Inc., MC 7476, 3551 Hamlin Road, Auburn Hills, MI 48326, Attn: Alex Sin, 1-248-371-6975, Email: asin@comerica.com or Huntington Securities, Inc., 41 South High Street, Columbus, OH 43287, Attn: HIS DCM, 800-824-5652, Email: DebtCapitalMarkets@huntington.com.

About DTE Energy 

DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio also includes non-utility businesses focused on industrial energy services, renewable natural gas, and energy marketing and trading. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress.

FAQ

What are the details of the DTE Energy remarketing announcement dated August 4, 2022?

DTE Energy announced the remarketing of its 2019 Series F 4.220% Senior Notes due 2024, moving the maturity date from Nov. 1, 2025 to Nov. 1, 2024.

When will the DTE Energy remarketing close?

The remarketing is expected to close on August 8, 2022.

What will happen to the proceeds from DTE Energy's remarketing?

Proceeds will be used to purchase treasury securities that will help settle stock purchase contracts.

What is the impact of the DTE Energy note maturity change on investors?

The maturity date change means investors will receive their returns one year earlier than initially scheduled.

What interest rate will the DTE notes carry after the remarketing?

The notes will continue to bear interest at 4.220% per year after the remarketing.