The remarketable senior notes are subject to remarketing, which may commence no earlier than 27 June 2019. The offering is expected to close on 5 October 2016, subject to customary closing conditions.
DTE has granted the underwriters the option to purchase during a 13 day period beginning on, and including, the initial issuance date of the equity units, up to 1.5 million additional equity units, or an additional aggregate stated amount of US$75 million.
Net proceeds from this offering are expected to be US$582 million in the aggregate or US$655 million in the aggregate if the overallotment option is exercised in full. DTE intends to use the proceeds for the purchase of midstream natural gas assets.
