DETROIT, Aug. 9, 2019 /PRNewswire/ -- DTE Energy (DTE) today announced it has successfully remarketed the DTE Energy Company 2016 Series C 2.529% Senior Notes due 2024. The optional remarketing was completed pursuant to the terms of the governing documents for the notes that were originally issued as part of Corporate Units of DTE Energy on Oct. 5, 2016.
The remarketing is expected to close on Aug. 13, 2019, subject to customary closing conditions. On and after closing, the notes will bear interest at 2.529% per year.
DTE Energy will not directly receive any proceeds from the remarketing of the notes. The proceeds will be used to purchase a portfolio of treasury securities maturing on or prior to Oct. 1, 2019. It is expected that on Oct. 1, 2019, which is the stock purchase contract settlement date for the Corporate Units, a portion of the proceeds of the portfolio of treasury securities required to be purchased with the proceeds of the remarketing will be used to settle the stock purchase contracts issued as part of the Corporate Units. The remaining portion of the proceeds of the portfolio of treasury securities will be distributed to the holders of the Corporate Units.
The offering was made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (SEC). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering of notes in connection with the remarketing may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting: Wells Fargo Securities LLC, 608 2nd Avenue, South Minneapolis, MN 55402, Attn: WFS Customer Service, Toll-Free: 1-800-645-3751, Email: firstname.lastname@example.org; BMO Capital Markets Corp., 3 Times Square, 25th Floor, New York, NY 10036, Attn: US Syndicate, Toll-Free: 1-866-864-7760, Email: USDSyndicate@bmo.com; Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attn: Prospectus Department, Toll-Free: 1-866-718-1649, Email: email@example.com; or TD Securities (USA) LLC, 31 West 52nd Street, 18th Floor, New York, NY 10019, Attn: Transaction Management Group, Toll-Free: 1-855-495-9846, Email: firstname.lastname@example.org.
About DTE Energy
DTE Energy (DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress.