DTE Energy (DTE) to Offer 12M Units

September 28, 2016 4:05 PM EDT

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DTE Energy Company (NYSE: 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").

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