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DTE Electric sells $440M of mortgage bonds

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Essential Energy Insights - January 2021


DTE Electric sells $440M of mortgage bonds

DTE Electric Co. on July 31 sold $440 million of its 3.75% series B general and refunding secured mortgage bonds, due Aug. 15, 2047, according to a July 31 free writing prospectus.

The DTE Energy Co. subsidiary plans to use net proceeds for the repayment of $300 million of the company's 2008 series G 5.6% senior notes due June 15, 2018, repayment of short-term borrowings which have an average interest rate of approximately 1.2% and for general corporate purposes.

Interest is payable semiannually Feb. 15 and Aug. 15 each year, starting Feb. 15, 2018. The bonds have a spread to benchmark Treasury of 85 basis points and were expected to be rated Aa3 by Moody's, A by S&P Global Ratings and A+ by Fitch Ratings.

Barclays Capital Inc., Merrill Lynch Pierce Fenner & Smith Inc., Wells Fargo Securities LLC, BNY Mellon Capital Markets LLC, Mizuho Securities USA LLC and UBS Securities LLC served as joint book-running managers.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.