DTE Energy Co. said it has remarketed $675 million of its 2016 series C 2.529% senior notes due 2024. The company originally issued the notes as of part of its corporate units in October 2016.
The remarketing is expected to close Aug. 13. On and after closing, the notes will bear interest at 2.529% per year, the company said in an Aug. 9 news release.
DTE Energy said it will not directly receive any proceeds from the remarketing of the notes. The company plans to use proceeds to purchase a portfolio of treasury securities maturing on or prior to Oct. 1, as well as to settle stock purchase contracts. It will distribute the remaining portion of the proceeds to holders of corporate units.
Wells Fargo Securities LLC, BMO Capital Markets Corp., Morgan Stanley & Co. LLC and TD Securities (USA) LLC acted as remarketing agents.