New Issue: DTE Electric sells upsized $500 million 3.7% 30-year mortgage bonds at 100 bps spread

By Aleesia Forni

Virginia Beach, March 4 – DTE Electric Co. priced an upsized $500 million of 3.7% general and refunding mortgage bonds, series 2015A, due 2045 on Wednesday at Treasuries plus 100 basis points, according to an FWP filed with the Securities and Exchange Commission.

The notes (Aa3/A/A) priced at 99.766 to yield 3.713%.

Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., BNY Mellon Capital Markets LLC, MUFG, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used for the repayment of short-term borrowings and for general corporate purposes.

The electric utility is based in Detroit.

Issuer:	DTE Electric Co.
Amount:	$500 million, upsized from $350 million
Description:	General and refunding mortgage bonds, series 2015A
Maturity:	March 15, 2045
Bookrunners:	Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., BNY Mellon Capital Markets LLC, MUFG, Scotia Capital (USA) Inc., Wells Fargo Securities LLC
Co-managers:	Fifth Third Securities, SunTrust Robinson Humphrey, Inc.
Coupon:	3.7%
Price:	99.766
Yield:	3.713%
Spread:	100 bps over Treasuries
Make-whole call:	Treasuries plus 15 bps prior to Sept. 15, 2044, then callable at par
Trade date:	March 4
Settlement date:	March 11
Ratings:	Moody’s: Aa3
	Standard & Poor’s: A
	Fitch: A
Distribution:	SEC registered

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