DTE prices equity units
Published by Anna Nicklin,
Assistant Editor
World Pipelines,
DTE Energy Company (DTE) has recently announced that it has priced its offering of 12 million equity units.
Each equity unit will be issued in a stated amount of US$50 (US$600 million aggregate stated amount) and will consist of a contract to purchase common stock in the future and a 5% undivided beneficial ownership interest in DTE's 2016 Series C remarketable senior notes, due in 2024.
The remarketable senior notes are subject to remarketing, which may commence no earlier than 27 June 2019. The offering is expected to close on 5 October 2016, subject to customary closing conditions.
DTE has granted the underwriters the option to purchase during a 13 day period beginning on, and including, the initial issuance date of the equity units, up to 1.5 million additional equity units, or an additional aggregate stated amount of US$75 million.
Net proceeds from this offering are expected to be US$582 million in the aggregate or US$655 million in the aggregate if the overallotment option is exercised in full. DTE intends to use the proceeds for the purchase of midstream natural gas assets.
Read the article online at: https://www.worldpipelines.com/business-news/30092016/dte-prices-equity-units/
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