By James McCandless
San Antonio, Sept. 22 – DTE Energy Co. sold a $200 million offering of $25-par 2020 series G junior subordinated notes due Oct. 15, 2080 (Baa3/BBB-/BB+) at par with a coupon in of 4.375%, according to an FWP filing with the Securities and Exchange Commission.
There is a $30 million greenshoe.
The deal was upsized from an initial $150 million and matched talk for a coupon in the 4.375% area.
BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the bookrunners.
Coupons are payable on Jan. 15, April 15, July 15 and Oct. 15, starting on Jan. 15, 2021.
The debentures are redeemable on or after Oct. 15, 2025 at par. Prior to that, the debentures are redeemable following a tax event at par or a rating agency event at 102%.
DTE plans to use the proceeds to redeem its 2012 series C 5.25% junior subordinated debentures.
The company plans to list the debentures on the New York Stock Exchange.
DTE is a Detroit-based utilities company.
| Issuer: | DTE Energy Co.
|
| Description: | 2020 series G junior subordinated notes
|
| Amount: | $200 million
|
| Greenshoe: | $30 million
|
| Maturity: | Oct. 15, 2080
|
| Bookrunners: | BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
|
| Co-managers: | BNY Mellon Capital Markets, LLC, Truist Securities, Inc. and Siebert Williams Shank & Co., LLC
|
| Coupon: | 4.375%
|
| Price: | Par of $25.00
|
| Yield: | 4.375%
|
| Call: | On or after Oct. 15, 2025 at par; prior to that, following a tax event at par or a rating agency event at 102%
|
| Pricing date: | Sept. 22
|
| Settlement date: | Oct. 1
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Listing: | NYSE
|
| Talk: | 4.375% area
|
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