8-KMaterial AgreementsExhibits & Filings

DTE ENERGY CO 8-K Report, Material Agreement (Jun 16, 2005)

Filed June 16, 2005For Securities:DTEDTKDTBDTGDTW

Summary

DTE Energy Co. (DTE) and its subsidiary Michigan Consolidated Gas Company filed an 8-K on June 16, 2005, to report amendments to two material definitive agreements: the Three-Year Credit Agreement and the Amended and Restated Five-Year Credit Agreement. These amendments, effective June 10, 2005, primarily focus on revising the definition of EBITDA within both credit facilities. While the specific details of the EBITDA revision are not provided in the excerpt, changes to such covenants are crucial for understanding a company's financial flexibility and its ability to meet loan obligations. Investors should note that these credit agreements are with JPMorgan Chase Bank, N.A. (as successor to Bank One, N.A.) as the administrative agent. The amendments suggest a proactive management approach to its debt structure, potentially to align with evolving business needs or financial performance metrics. The filing of the forms of these amendments as exhibits provides transparency into the modifications of these significant debt instruments.

Key Highlights

  • 1DTE Energy's subsidiary, Michigan Consolidated Gas Company, amended its Three-Year Credit Agreement and Five-Year Credit Agreement.
  • 2The amendments were effective as of June 10, 2005.
  • 3The primary purpose of the amendments was to revise the definition of EBITDA in both credit agreements.
  • 4JPMorgan Chase Bank, N.A. (successor to Bank One, N.A.) serves as the administrative agent for both credit facilities.
  • 5The filing includes the forms of Amendment No. 2 to both the Three-Year and Five-Year Credit Agreements as exhibits.
  • 6The amendments are considered material definitive agreements, indicating their significance to the company's financial arrangements.

Frequently Asked Questions

This 8-K filing reports on the entry into material definitive agreements, specifically amendments to Michigan Consolidated Gas Company's Three-Year and Five-Year Credit Agreements. The primary change is a revision to the definition of EBITDA.

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is a key financial metric often used in debt covenants. Revising its definition can impact how the company's financial performance is measured against its loan obligations, potentially affecting its borrowing capacity or compliance with credit terms.

The credit agreements are between Michigan Consolidated Gas Company and various lenders, with JPMorgan Chase Bank, N.A. (successor to Bank One, N.A.) acting as the administrative agent.

The filing indicates that the forms of Amendment No. 2 to both the Three-Year Credit Agreement and the Five-Year Credit Agreement are included as Exhibits 99.1 and 10.1, respectively, to this Current Report. Investors can review these exhibits for the specific details of the EBITDA definition changes.