DTE Energy Company Announces Junior Subordinated Debentures Offering
DETROIT, Nov. 28, 2016 /PRNewswire/ -- DTE Energy Company (NYSE: DTE) announced today its intention to offer to sell, subject to market and other conditions, a new series of junior subordinated debentures due Dec. 1, 2076.
DTE Energy intends to use the net proceeds of the offering to redeem its 2011 Series I 6.50 percent junior subordinated debentures due 2061 of which $280 million aggregate principal amount are outstanding. This news release shall not constitute a notice of redemption of the 2011 Series I 6.50 percent junior subordinated debentures or an obligation to issue a notice of redemption.
BofA Merrill Lynch, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities will be joint book running managers for the offering.
The offering will be made under an effective shelf registration statement, as amended, filed with the U.S. Securities and Exchange Commission (SEC). This news 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. Any offers of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attn: Prospectus Department, 200 North College Street, NC1-004-03-43, Charlotte NC 28255-0001, (800) 294-1322, or J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attn: Investment Grade Syndicate Desk, 3rd Floor, (212) 834-4533, or UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, (888) 827-7275, or Wells Fargo Securities, LLC , Attn: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, NY 10152, (800) 645-3751.
Certain information presented herein including regarding the intention to offer debentures and the use of proceeds are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as "intend," "anticipate," "believe," "expect," "projected," "aspiration," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact these forward-looking statements including, but not limited to, the ability to consummate the transaction and the risks discussed in our public filings with the Securities and Exchange Commission ("SEC"). Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. Other factors that may impact our future results are contained in DTE Energy's 2015 Annual Report on Form 10-K and 2016 quarterly reports on Form 10-Q and other reports filed by DTE Energy with the SEC.
About DTE Energy
DTE Energy (NYSE: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 utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress.
SOURCE DTE Energy