By Andrea Heisinger
New York, May 19 - DTE Energy Co. sold an upsized $300 million of two-year floating-rate notes, series C, on Thursday at par to yield three-month Libor plus 70 basis points, a market source said.
The deal size was increased from $250 million.
The notes (Baa2/BBB/BBB) are non-callable.
Bank of America Merrill Lynch, Barclays Capital Inc. and Deutsche Bank Securities Inc. were the bookrunners.
Proceeds are being used to repay a portion of the company's $600 million 7.05% senior notes due June 1, 2011 and for general corporate purposes.
The issuer operates utilities through subsidiaries and is based in Detroit.
| Issuer: | DTE Energy Co.
|
| Issue: | Floating-rate notes, series C
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | June 3, 2013
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc.
|
| Coupon: | Three-month Libor plus 70 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 70 bps
|
| Call: | Non-callable
|
| Trade date: | May 19
|
| Settlement date: | May 26
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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