By Andrea Heisinger
New York, May 6 - DTE Energy Co. sold an upsized $300 million in 7.625% five-year senior notes Wednesday at par, a market source said.
The size was originally $250 million, a source said.
The notes (Baa2/BBB-/BBB) priced to yield Treasuries plus 561.1 basis points, with a make-whole call at Treasuries plus 50 bps.
Bookrunners were Barclays Capital Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities Inc.
Proceeds will be used to repay short-term borrowings and for general corporate purposes.
The utility subsidiary of Detroit Edison Co. is based in Detroit.
| Issuer: | DTE Energy Co.
|
| Issue: | Senior notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | May 15, 2014
|
| Bookrunners: | Barclays Capital Inc., BNP Paribas Securities Corp., J.P. Morgan Securities Inc.
|
| Coupon: | 7.625%
|
| Price: | Par
|
| Yield: | 7.625%
|
| Spread: | Treasuries plus 561.1 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | May 6
|
| Settlement date: | May 13
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
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