DTE Energy to sell $25-par 60-year junior subordinated debentures talked at 4.375% area

By James McCandless

San Antonio, Sept. 22 – DTE Energy Co. plans to sell an offering of $25-par 2020 series G junior subordinated notes due Oct. 15, 2080, according to a 424B5 filing with the Securities and Exchange Commission.

The $150 million offering of notes is talked at the 4.375% area, according to a market source.

BofA Securities, Inc., Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC are the bookrunners.

The co-managers are BNY Mellon Capital Markets, LLC, Truist Securities, Inc. and Siebert Williams Shank & Co., LLC.

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.

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