DTE Energy issued the following announcement on Oct. 28.
DTE Energy (NYSE: DTE) today announced its intention to commence a registered underwritten public offering of approximately $300 million of its common shares and 23 million equity units, subject to market and other conditions. DTE intends to use the net proceeds from this offering for the purchase of midstream natural gas assets.
Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase common stock in the future and a 1/20, or 5%, undivided beneficial ownership interest in DTE's 2019 Series F remarketable senior notes due 2025 having a principal amount of $1,000. The offering is expected to close on or about Nov. 1, 2019, subject to customary closing conditions. Total annual distribution on the equity units will consist of interest on the 2019 Series F remarketable senior notes and payments under the related stock purchase contracts.
DTE expects to grant the underwriters in the offering of common shares an option to purchase up to an additional $45 million of common shares and the underwriters in the offering of equity units an option to purchase up to an additional 3 million equity units.
Barclays, BofA Securities, J.P. Morgan, Wells Fargo Securities, Citigroup and Scotia Howard Weil will be joint book-running managers for the offerings.
The offerings will be made under an effective shelf registration statement, filed with the U.S. Securities and Exchange Commission (the "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 securities will be made exclusively by means of a prospectus supplement relating to such securities and accompanying prospectus. Copies of these documents may be obtained by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at (888) 603-5847; BofA Securities, Inc., Attention: Prospectus Department, 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, at (800) 294-1322, dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717, at (866) 803-9204; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, 4th Floor, New York, NY 10152, at (800) 326-5897; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (800) 831-9146; and Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York, NY 10281, Attention: Equity Capital Markets, at (212) 255-6854, us.ecm@scotiabank.com.
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 company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading.
Original source can be found here.
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