DTE Energy’s 6% $25-par junior subordinated debentures expected to list on NYSE on Thursday

By Stephanie N. Rotondo

Seattle, Dec. 7 – DTE Energy Co.’s $280 million of 6% $25-par 2016 series F junior subordinated debentures due Dec. 15, 2076 will begin trading on the New York Stock Exchange on Thursday, according to a market source.

The ticker symbol will be “DTY.”

The deal priced Nov. 28. Price talk was 6% to 6.125%.

BofA Merrill Lynch, J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunning managers.

Interest will be payable on a quarterly basis. The payments can be deferred for up to 40 consecutive quarterly periods but will result in the interest rate increasing.

The debentures become redeemable on or after Dec. 15, 2021 at par plus accrued interest. The notes can be redeemed prior to that date, in whole, in the event of a tax change or rating agency event.

Upon a tax event, the redemption price is par plus accrued interest. In the case of a rating agency event, the price is 102% of par plus accrued interest.

The Detroit-based power producer will use the proceeds to redeem $280 million of the outstanding 2011 series I 6.5% junior subordinated debentures due 2061.

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