{"id":507360,"date":"2021-06-28T17:25:25","date_gmt":"2021-06-28T21:25:25","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/dte-energy-company-announces-the-pricing-terms-of-its-cash-tender-offers-for-certain-outstanding-debt-securities\/"},"modified":"2021-06-28T17:25:25","modified_gmt":"2021-06-28T21:25:25","slug":"dte-energy-company-announces-the-pricing-terms-of-its-cash-tender-offers-for-certain-outstanding-debt-securities","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/dte-energy-company-announces-the-pricing-terms-of-its-cash-tender-offers-for-certain-outstanding-debt-securities\/","title":{"rendered":"DTE Energy Company Announces the Pricing Terms of its Cash Tender Offers for Certain Outstanding Debt Securities"},"content":{"rendered":"
\n

Detroit, June 28, 2021 (GLOBE NEWSWIRE) — DTE Energy Company (NYSE:\u00a0 DTE) (the \u201cCompany\u201d, \u201cDTE\u201d or \u201cDTE Energy\u201d) today announced the pricing terms of its previously announced tender offers (the \u201cAny-and-All Tender Offers\u201d) to purchase for cash any and all of its notes described in the first table below (the \u201cAny-and-All Notes\u201d), and tender offers (the \u201cMaximum Tender Offers\u201d and, together with the Any-and-All Tender Offers, the \u201cTender Offers\u201d) to purchase for cash up to $350,000,000 combined aggregate purchase price (the \u201cMaximum Purchase Price\u201d) of certain of its debt securities (collectively, the \u201cMaximum Tender Notes\u201d and, together with the Any-and-All Notes, the \u201cNotes\u201d), in the priorities (the \u201cAcceptance Priority Levels\u201d) set forth in the second table below.<\/p>\n

The \u201cTotal Consideration\u201d for each series of Notes validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on June 28, 2021 (the \u201cEarly Tender Deadline\u201d) that are accepted for purchase pursuant to the Tender Offers was determined by reference to the applicable fixed spread (the \u201cFixed Spread\u201d) specified for such series of Notes over the yield (the \u201cReference Yield\u201d) based on the bid-side price of the applicable U.S. Treasury Security (the \u201cReference U.S. Treasury Security\u201d) specified for each series of Notes, as calculated by the Dealer Managers and Solicitation Agents (as defined below) at 2:00 p.m., New York City time, on June 28, 2021 (such time and date, the \u201cPrice Determination Time\u201d). The Total Consideration includes an early tender premium of $30.00 per $1,000 principal amount of Notes (the \u201cEarly Tender Premium\u201d). Subject to the satisfaction or waiver of the conditions to the Tender Offers and the Consent Solicitations (as defined below), including the Financing Condition and the Spin-Off Condition (each as defined below), and, with respect to the Maximum Tender Notes, subject to the Maximum Tender Amount, the applicable Acceptance Priority Levels and proration (as applicable), holders of Notes that are validly tendered and not validly withdrawn at or prior to the Early Tender Deadline and accepted for purchase will receive the applicable Total Consideration, which includes the Early Tender Premium. The Company expects to accept such Notes for purchase on a date (the \u201cEarly Acceptance Date\u201d) promptly following the satisfaction or waiver of the conditions to the Tender Offers and the Consent Solicitations and expects to purchase such accepted Notes promptly following the Early Acceptance Date (such date of purchase, the \u201cEarly Settlement Date\u201d). The Company expects that the Early Settlement Date will be July 1, 2021. Holders of Any-and-All Notes who validly tender their Any-and-All Notes and thereby validly deliver their Consents (as defined below) following the Early Tender Deadline and at or prior to the Expiration Time (as defined below) will only receive the applicable \u201cTender Offer Consideration,\u201d which is an amount equal to the applicable Total Consideration minus the Early Tender Premium, per $1,000 principal amount of any such Any-and-All Notes accepted for purchase.<\/p>\n

The Tender Offers and, with respect to the Any-and-All Tender Offers, the related solicitations (the \u201cConsent Solicitations\u201d) of consents (\u201cConsents\u201d) are being made solely pursuant to, and are subject to the terms and conditions set forth in, the offer to purchase and consent solicitation statement, dated June 14, 2021 (the \u201cOffer to Purchase\u201d), and a related letter of transmittal and consent (the \u201cLetter of Transmittal\u201d).<\/p>\n

Any-and-All Tender Offers<\/p>\n

The Company is offering to purchase for cash any and all of the Any-and-All Notes, as described in the following table:<\/p>\n\n\n\n\n\n\n\n\n
\n Title of Security<\/b>\n <\/td>\n\n CUSIP Number<\/b>\n <\/td>\n\n Principal Amount Outstanding<\/b>\n <\/td>\n\n Reference U.S. Treasury Security(1)<\/b>\n <\/td>\n\n Bloomberg Reference Page(2)<\/b>\n <\/td>\n\n Fixed Spread
(basis points)(3)<\/b>\n <\/td>\n		\n \u00a0<\/b><\/p>\n

Early Tender Premium
(per $1,000)<\/b>\n <\/td>\n

\n Total Consideration
(per $1,000) (4)<\/b>\n <\/td>\n<\/tr>\n
3.30% Senior Notes due 2022* <\/td>\n 233331AV9 <\/td>\n $300,000,000 <\/td>\n 2.250% due 4\/15\/2022 <\/td>\n PX3 <\/td>\n +20 bps <\/td>\n\n
$30.00 <\/td>\n		 $1,023.73 <\/td>\n<\/tr>\n
2.60% Senior Notes due 2022 <\/td>\n 233331BB2 <\/td>\n $300,000,000 <\/td>\n 1.750% due 6\/15\/2022 <\/td>\n PX3 <\/td>\n +15 bps <\/td>\n \u00a0<\/p>\n

$30.00 <\/td>\n

 $1,022.38 <\/td>\n<\/tr>\n
3.70% Senior Notes due 2023* <\/td>\n 233331BA4 <\/td>\n $600,000,000 <\/td>\n 1.375% due 6\/30\/2023 <\/td>\n PX5 <\/td>\n +15 bps <\/td>\n \u00a0<\/p>\n

$30.00 <\/td>\n

 $1,065.55 <\/td>\n<\/tr>\n
3.85% Senior Notes due 2023 <\/td>\n 233331AR8 <\/td>\n $300,000,000 <\/td>\n 2.125% due 11\/30\/2023 <\/td>\n PX5 <\/td>\n +20 bps <\/td>\n \u00a0<\/p>\n

$30.00 <\/td>\n

 $1,079.49 <\/td>\n<\/tr>\n
3.50% Senior Notes due 2024 <\/td>\n 233331AS6 <\/td>\n $350,000,000 <\/td>\n 2.000% due 5\/31\/2024 <\/td>\n PX5 <\/td>\n +15 bps <\/td>\n \u00a0<\/p>\n

$30.00 <\/td>\n

 $1,083.96 <\/td>\n<\/tr>\n
6.375% Senior Notes due 2033 <\/td>\n 233331AJ6 <\/td>\n $400,000,000 <\/td>\n 1.625% due 5\/15\/2031 <\/td>\n PX1 <\/td>\n +20 bps <\/td>\n \u00a0<\/p>\n

$30.00 <\/td>\n

 $1,500.60 <\/td>\n<\/tr>\n<\/table>\n

\n
*\u00a0 Denotes a series of Any-and-All Notes for which the Total Consideration and the Tender Offer Consideration was determined taking into account the par call date, and not the maturity date, of such Any-and-All Notes in accordance with the indenture for such series of Any-and-All Tender Notes and standard market practice.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\u00a0<\/p>\n

(1)\u00a0\u00a0\u00a0 \u201cUST\u201d denotes a U.S. Treasury Security.<\/p>\n

(2)\u00a0\u00a0\u00a0 The applicable page on Bloomberg from which the Dealer Managers and Solicitation Agents will quote the bid-side price of the Reference U.S. Treasury Security.<\/p>\n

(3)\u00a0\u00a0\u00a0 The Fixed Spread includes the Early Tender Premium (as defined below).<\/p>\n

(4)\u00a0\u00a0\u00a0 The Total Consideration is inclusive of the Early Tender Premium but exclusive of accrued interest and is based on the Reference Yield of the Reference U.S. Treasury Security as of the Price Determination Time and an assumed settlement date of July 1, 2021.<\/p>\n

Maximum Tender Offers<\/p>\n

The Company is offering to purchase for cash up to the Maximum Purchase Price of the Maximum Tender Notes, in the priorities set forth in the following table:<\/p>\n\n\n\n\n\n\n\n
\n Title of Security<\/b>\n <\/td>\n\n CUSIP Number<\/b>\n <\/td>\n\n Principal Amount Outstanding<\/b>\n <\/td>\n\n Acceptance Priority Level<\/b>\n <\/td>\n\n Reference U.S. Treasury Security(1)<\/b>\n <\/td>\n\n Bloomberg Reference Page(2)<\/b>\n <\/td>\n\n Fixed Spread (basis points)(3)<\/b>\n <\/td>\n\n Early Tender Premium
(per $1,000)<\/b>\n <\/td>\n		\n Total Consideration
(per $1,000) (4)<\/b>\n <\/td>\n<\/tr>\n
3.80% Senior Notes due 2027* <\/td>\n 233331AZ0 <\/td>\n $500,000,000 <\/td>\n 1 <\/td>\n 0.750% due 5\/31\/2026 <\/td>\n PX1 <\/td>\n +55 bps <\/td>\n $30.00 <\/td>\n $1,124.12 <\/td>\n<\/tr>\n
3.40% Senior Notes due 2029* <\/td>\n 233331BC0 <\/td>\n $500,000,000 <\/td>\n 2 <\/td>\n 1.625% due 5\/15\/2031 <\/td>\n PX1 <\/td>\n +42 bps <\/td>\n $30.00 <\/td>\n\n
$1,107.29 <\/td>\n<\/tr>\n
2.85% Senior Notes due 2026* <\/td>\n 233331AY3 <\/td>\n $600,000,000 <\/td>\n 3 <\/td>\n 0.750% due 5\/31\/2026 <\/td>\n PX1 <\/td>\n +45 bps <\/td>\n $30.00 <\/td>\n $1,073.44 <\/td>\n<\/tr>\n
2.95% Senior Notes due 2030* <\/td>\n 233331BF3 <\/td>\n $300,000,000 <\/td>\n 4 <\/td>\n 1.625% due 5\/15\/2031 <\/td>\n PX1 <\/td>\n +62 bps <\/td>\n $30.00 <\/td>\n $1,065.50 <\/td>\n<\/tr>\n
1.05% Senior Notes due 2025* <\/td>\n 233331BG1 <\/td>\n $800,000,000 <\/td>\n 5 <\/td>\n 0.750% due 5\/31\/2026 <\/td>\n PX1 <\/td>\n +15 bps <\/td>\n $30.00 <\/td>\n $1,000.86 <\/td>\n<\/tr>\n<\/table>\n

\n
* Denotes a series of Maximum Tender Notes for which the Total Consideration and the Tender Offer Consideration was determined taking into account the par call date, and not the maturity date, of such Maximum Tender Notes in accordance with the indenture for such series of Maximum Tender Notes and standard market practice.<\/p>\n

\u00a0<\/p>\n

\u00a0(1)\u00a0\u00a0 \u201cUST\u201d denotes a U.S. Treasury Security.<\/p>\n

(2)\u00a0\u00a0\u00a0 The applicable page on Bloomberg from which the Dealer Managers and Solicitation Agents will quote the bid-side prices of the applicable Reference U.S. Treasury Security.<\/p>\n

(3)\u00a0\u00a0\u00a0 The Fixed Spread includes the Early Tender Premium.<\/p>\n

(4)\u00a0\u00a0\u00a0 The applicable Total Consideration is inclusive of the Early Tender Premium but exclusive of accrued interest and is based on the Reference Yield of the applicable Reference U.S. Treasury Security as of the Price Determination Time and an assumed settlement date of July 1, 2021.<\/p>\n

The Tender Offers and the Consent Solicitations are subject to the satisfaction or waiver of certain conditions, including the Financing Condition and the Spin-Off Condition.\u00a0 The Company must have (a) consummated its anticipated distribution of all shares of common stock of its wholly owned subsidiary DT Midstream, Inc. (\u201cDT Midstream\u201d) on a pro rata basis to the holders of the Company\u2019s common stock (the \u201cSpin-Off Condition\u201d) and (b) received proceeds of certain debt financings by DT Midstream prior to consummation of such distribution sufficient to pay (i) the Total Consideration with respect to the aggregate principal amount outstanding of the Any-and-All Notes, regardless of the actual amount of Any-and-All Notes tendered, plus accrued interest, (ii) the Total Consideration with respect to the Maximum Purchase Price of the Maximum Tender Notes, regardless of the actual amount of Maximum Tender Notes tendered, plus accrued interest, and (iii) applicable fees and expenses relating to the Tender Offers and the Consent (collectively, the \u201cFinancing Condition\u201d).<\/p>\n

The purchase of any series of Notes is not conditioned upon the purchase of any other series of Notes; provided that the Company\u2019s obligation to accept for purchase any Maximum Tender Notes validly tendered in the Maximum Tender Offers is subject to the Maximum Purchase Price, the applicable Acceptance Priority Levels and may be subject to proration, each as more fully described herein.<\/p>\n

Information Relating to the Tender Offers and Consent Solicitations<\/p>\n

The Offer to Purchase and the related Letter of Transmittal were distributed to holders on June 14, 2021.\u00a0 Barclays Capital Inc. and Wells Fargo Securities, LLC are the dealer managers for the Tender Offers and solicitation agents for the Consent Solicitations (the \u201cDealer Managers and Solicitation Agents\u201d).\u00a0 Investors with questions regarding the Tender Offers and the Consent Solicitations may contact Barclays Capital Inc. at (800) 438-3242 (toll-free) or (212) 528-7581 (collect) or Wells Fargo Securities, LLC at (866) 309-6316 (toll-free) or (704)\u00a0410-4756 (collect).\u00a0 D.F. King & Co., Inc. is the tender agent and information agent (the \u201cTender\/Information Agent\u201d) for the Tender Offers and the Consent Solicitations and can be contacted by calling toll-free at (866) 829-1035 (banks and brokers may call collect at (212) 269-5550) or by email at dte@dfking.com.<\/a><\/p>\n

None of the Company or its board of directors, the Dealer Managers and Solicitation Agents, the Tender\/Information Agent or the Trustee is making any recommendation as to whether Holders should tender any Notes in response to the Tender Offers or deliver Consents pursuant to the Consent Solicitations, and neither the Company nor any such other person has authorized any person to make any such recommendation.\u00a0 Holders must make their own decision as to whether to tender any of their Notes (and, with respect to the Any-and-All Notes, deliver their Consents) and, if so, the principal amount of Notes as to which action is to be taken.<\/p>\n

This press release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any of the Notes or a solicitation of Consents.\u00a0 The full details of the Tender Offers and the Consent Solicitations, including instructions on how to tender Notes and deliver Consents, are included in the Offer to Purchase and the Letter of Transmittal.\u00a0 Holders are strongly encouraged to read carefully the Offer to Purchase and the Letter of Transmittal and materials the Company has filed with the Securities and Exchange Commission and incorporated by reference therein, because they contain important information.<\/p>\n

Holders may obtain copies of the Offer to Purchase and the Letter of Transmittal, free of charge, from the Tender\/Information Agent in connection with the Tender Offers and the Consent Solicitations, by calling toll-free at (866) 829-1035 (banks and brokers may call collect at (212) 269-5550) or by email at dte@dfking.com. Holders are urged to carefully read the Offer to Purchase and the Letter of Transmittal prior to making any decisions with respect to the Tender Offers and the Consent Solicitations.<\/p>\n

About DTE Energy Company<\/p>\n

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. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress.<\/p>\n

Forward looking statements<\/p>\n

The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cprojected,\u201d \u201caspiration,\u201d \u201cplans\u201d and \u201cgoals\u201d signify forward-looking statements.<\/p>\n

Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy\u2019s and DT Midstream\u2019s estimates of future prospects, and actual results may differ materially. This release contains forward-looking statements about DTE Energy\u2019s intent to spin-off DT Midstream and DTE Energy\u2019s preliminary strategic, operational and financial considerations related thereto. The statements with respect to the separation transaction are preliminary in nature and subject to change as additional information becomes available. The separation transaction will be subject to the satisfaction of a number of conditions and there is no assurance that such separation transaction will in fact occur. Many factors impact forward-looking statements including, but not limited to, the following: risks related to the spinoff of DT Midstream, including that the process of completing the transaction could disrupt or adversely affect the consolidated or separate businesses, results of operations and financial condition, that the transaction may not achieve some or all of any anticipated benefits with respect to either business, and that the transaction may not be completed in accordance with DTE Energy\u2019s expected plans or anticipated timelines, or at all; the duration and impact of the COVID-19 pandemic on DTE Energy and customers, impact of regulation by the EPA, the EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy\u2019s gas storage and pipelines operations and the volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility in prices in the international steel markets on DTE Energy\u2019s power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy\u2019s energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in DTE Energy\u2019s public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This document should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric Company (\u201cDTE Electric\u201d) 2020 Form 10-K and 2021 Form 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.<\/p>\n


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\n \n <\/div>\n

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Pete Ternes\r\nDTE Energy\r\n313.235.5555\r\n<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Detroit, June 28, 2021 (GLOBE NEWSWIRE) — DTE Energy Company (NYSE:\u00a0 DTE) (the \u201cCompany\u201d, \u201cDTE\u201d or \u201cDTE Energy\u201d) today announced the pricing terms of its previously announced tender offers (the \u201cAny-and-All Tender Offers\u201d) to purchase for cash any and all of its notes described in the first table below (the \u201cAny-and-All Notes\u201d), and tender offers (the \u201cMaximum Tender Offers\u201d and, together with the Any-and-All Tender Offers, the \u201cTender Offers\u201d) to purchase for cash up to $350,000,000 combined aggregate purchase price (the \u201cMaximum Purchase Price\u201d) of certain of its debt securities (collectively, the \u201cMaximum Tender Notes\u201d and, together with the Any-and-All Notes, the \u201cNotes\u201d), in the priorities (the \u201cAcceptance Priority Levels\u201d) set forth in the second table below. The \u201cTotal Consideration\u201d … <\/p>\n
Continue reading “DTE Energy Company Announces the Pricing Terms of its Cash Tender Offers for Certain Outstanding Debt Securities”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-507360","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nDTE Energy Company Announces the Pricing Terms of its Cash Tender Offers for Certain Outstanding Debt Securities - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/dte-energy-company-announces-the-pricing-terms-of-its-cash-tender-offers-for-certain-outstanding-debt-securities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DTE Energy Company Announces the Pricing Terms of its Cash Tender Offers for Certain Outstanding Debt Securities - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Detroit, June 28, 2021 (GLOBE NEWSWIRE) — DTE Energy Company (NYSE:\u00a0 DTE) (the \u201cCompany\u201d, \u201cDTE\u201d or \u201cDTE Energy\u201d) today announced the pricing terms of its previously announced tender offers (the \u201cAny-and-All Tender Offers\u201d) to purchase for cash any and all of its notes described in the first table below (the \u201cAny-and-All Notes\u201d), and tender offers (the \u201cMaximum Tender Offers\u201d and, together with the Any-and-All Tender Offers, the \u201cTender Offers\u201d) to purchase for cash up to $350,000,000 combined aggregate purchase price (the \u201cMaximum Purchase Price\u201d) of certain of its debt securities (collectively, the \u201cMaximum Tender Notes\u201d and, together with the Any-and-All Notes, the \u201cNotes\u201d), in the priorities (the \u201cAcceptance Priority Levels\u201d) set forth in the second table below. 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