DTE Energy launches exchange offer
Written By: Stratton Report
May 11, 2016
On May 11, DTE Energy announced an offer to exchange up to $300 million of its 3.3 percent senior notes due 2022, for all outstanding 3.3 percent senior notes due 2022 which were issued and sold by DTE Energy in June 2015 in a private placement offering.
According to DTE, the exchange offer is the result of a registration rights agreement entered into by DTE Energy in connection with the private placement under which DTE Energy agreed to register substantially identical notes, and to offer to exchange these registered notes for the existing notes issued in the private placement.
The exchange notes will have substantially the same form and terms as the outstanding notes, except that the exchange notes are registered and the transfer restrictions, registration rights and additional interest provisions relating to the outstanding notes will not apply to the exchange notes..
The exchange offer will expire at 5 p.m. EDT June 9, 2016, unless the exchange offer is extended by DTE Energy.