By Lisa Kerner
Charlotte, N.C., April 29 - Detroit Edison Co. agreed in March to issue and sell $300 million of 4.89% 10-year senior notes to a group of institutional investors in a private placement, according to a form 10-Q filed with the Securities and Exchange Commission.
The notes are expected to close and fund in September.
Proceeds will be used to repay a portion of the Detroit-based diversified energy company's 6.125% senior notes due October 2010, the filing said.
| Issuer: | Detroit Edison Co.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | 10 years
|
| Coupon: | 4.89%
|
| Distribution: | Private placement
|
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