DTE Energy’s 5.375% $25-par junior subordinated debentures due 2076 begin trading on NYSE

By Stephanie N. Rotondo

Seattle, June 1 – DTE Energy Co.’s $300 million of 5.375% $25-par 2016 series B junior subordinated debentures due June 1, 2076 were admitted to the New York Stock Exchange on Wednesday.

The ticker symbol is “DTJ.”

The deal priced May 23. Price talk was around 5.5%, a market source reported.

BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the co-managers.

Interest is payable on the first day of March, June, September and December, beginning Sept. 1. The company has the option to defer the interest payments for up to 40 consecutive quarters.

The debentures become redeemable June 1, 2021 at par plus accrued interest. The company can also redeem the issue upon a rating agency event at 102% of par plus accrued interest.

The Detroit-based energy producer intends to use the proceeds to repay the $300 million of 6.35% 2006 series B senior notes due June 1, 2016 and for general corporate purposes.

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