8-KMaterial AgreementsExhibits & Filings

DTE ENERGY CO 8-K Report, Material Agreement (Jan 23, 2008)

Filed January 23, 2008For Securities:DTEDTKDTBDTGDTW

Summary

This Form 8-K filing from DTE Energy Company, specifically through its subsidiary The Detroit Edison Company, reports on amendments to two material definitive agreements related to trade receivables purchase and sale. The key action taken on January 17, 2008, was the extension of the termination dates for the CAFCO Trade Receivables Agreement and the Citibank Trade Receivables Agreement by one year, pushing them to January 16, 2009. These amendments are significant for investors as they indicate the continued reliance on these facilities for managing the company's trade receivables. The extension suggests that these financing arrangements remain crucial for Detroit Edison's working capital management and liquidity. While no new financial terms are detailed, the extension itself signals stability and ongoing operational support from these financial partners.

Key Highlights

  • 1DTE Energy's subsidiary, Detroit Edison, amended two key trade receivables purchase and sale agreements.
  • 2The termination dates for the CAFCO Trade Receivables Agreement and the Citibank Trade Receivables Agreement were extended by one year.
  • 3The new termination date for both agreements is January 16, 2009.
  • 4These amendments are considered material definitive agreements for the company.
  • 5The extensions indicate continued access to and reliance on these financing facilities for trade receivables management.
  • 6The filing was made on January 23, 2008, with the earliest event reported on January 17, 2008.

Frequently Asked Questions

The agreements amended were the Amended and Restated Trade Receivables Purchase and Sale Agreement with CAFCO, LLC (successor to Corporate Asset Funding Company, Inc.), Citibank, N.A., and Citicorp North America, Inc., and the Amended and Restated Trade Receivables Purchase and Sale Agreement with Citibank, N.A., and Citicorp.

The primary impact was the extension of the termination dates for both agreements by one year, from their original terms to January 16, 2009. This means Detroit Edison can continue to utilize these facilities for selling its trade receivables for an additional year.

These agreements are a form of financing that allows Detroit Edison to convert its accounts receivable into cash, thereby supporting its working capital and liquidity needs. Extending these facilities indicates that the company has secured continued access to this financing, which can be important for operational stability and financial flexibility.

This specific filing (Form 8-K) focuses on the extension of the termination dates. It does not detail any changes to the financial terms, such as pricing or volume limits, or the scope of the receivables purchased. Investors would need to refer to the filed exhibits (Amendments 10.1 and 10.2) for more granular details on the agreement specifics.