Summary
DTE Energy Co.'s subsidiary, The Detroit Edison Company, filed an 8-K on October 5, 2005, reporting on a recent debt issuance. Specifically, Detroit Edison completed a private placement of $100 million in Senior Notes due October 1, 2023, with a coupon rate of 5.19%. These notes are secured by a corresponding series of General and Refunding Mortgage Bonds and were issued under a Note Purchase Agreement dated July 22, 2005, which was subsequently amended on September 29, 2005. The filing also details the execution of supplemental indentures related to this issuance. While the notes were not registered under the Securities Act of 1933 due to their private placement nature, they are subject to transfer restrictions. Investors should note that the company has included standard forward-looking statements and refers to its previously filed 10-K for a discussion of risks and uncertainties.
Key Highlights
- 1The Detroit Edison Company, a subsidiary of DTE Energy, issued $100 million in 5.19% Senior Notes due October 1, 2023.
- 2The issuance was conducted as a private placement to a group of institutional investors.
- 3The Senior Notes are secured by a corresponding series of General and Refunding Mortgage Bonds.
- 4A First Amendment to the Note Purchase Agreement was executed on September 29, 2005, to correct references to supplemental indentures.
- 5The notes are not registered under the Securities Act of 1933 and are subject to transfer restrictions.
- 6Interest on the notes is payable semi-annually, beginning April 1, 2006.
- 7Detroit Edison retains the option to redeem the notes, in whole or in part, at any time.