DETROIT, Sept. 28, 2016 /PRNewswire/ -- DTE Energy Company ("DTE") announced today its intention to commence a registered underwritten public offering of 12 million equity units, subject to market and other conditions.
Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase common stock in the future and a 1/20, or 5%, undivided beneficial ownership interest in a remarketable senior note having a principal amount of $1,000. DTE expects to grant the underwriters an option to purchase up to 1.5 million additional equity units to cover overallotments.
DTE intends to use the net proceeds from this offering for the purchase of midstream natural gas assets.
Wells Fargo Securities, Citigroup and J.P. Morgan will be joint book-running managers for the offering.
The offering will be made under an effective shelf registration statement, as amended, filed with the U.S. Securities and Exchange Commission (the "SEC"). This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Any offers of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting Wells Fargo Securities, LLC , Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, at (800) 326-5897, or email a request to firstname.lastname@example.org, or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, at (800) 831-9146, or by e-mail at email@example.com, or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at (866) 803-9204.
About DTE Energy
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 utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading.
Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as "anticipate," "believe," "expect," "projected," "aspiration," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact these forward-looking statements including, but not limited to, the following: the failure to consummate the transaction, the risk that we will not achieve expected synergies, the risk that the operations being acquired in the acquisition will not be successfully integrated or that such integration will take longer than expected, the risk that the operations being acquired will not perform as expected; and the risks discussed in our public filings with the Securities and Exchange Commission ("SEC"). Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. 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. Other factors that may impact our future results are contained in DTE Energy's 2015 Annual Report on Form 10-K and 2016 quarterly reports on Form 10-Q and other reports filed by DTE Energy with the SEC.
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SOURCE DTE Energy