DTE EnergyCo. plans to sell 12 million equity units to help fund its proposed$1.3 billion purchaseof midstream gas assets in the Appalachian Basin from and
Each equity unit will be issued for $50 and will alsoconsist of a contract to purchase common stock in the future and a 5%beneficial ownership stake in a $1,000 remarketable senior note, according to acompany statement.
DTE Energy also plans to grant the underwriters an option topurchase up to an additional 1.5 million equity units to cover anyoverallotments.
Wells Fargo Securities, Citigroup and J.P. Morgan will actas joint book-running managers of the offering.
Separately, DTE Energy and its subsidiary amendedtheir registration statement on Form S-3 to include additional classes ofsecurities.
The filing now covers the potential sale of an unspecifiedamount of common stock, debt securities, stock purchase contracts and units ofDTE Energy, and debt securities of DTE Electric.
The companies plan to use the proceeds for general corporatepurposes.