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DTE Energy unit offering $275M in notes


Published : Fri, 26 Oct 2007 22:34
By : Agencies
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DETROIT (AP) - Utility operator DTE Energy Co. on Friday said its Energy and Industrial Utilities Co. LLC subsidiary intends to offer $275 million of its senior notes in a private placement with institutional investors.

At the same time, the company will enter a senior secured credit facility, consisting of a $375 million term loan and a $50 million revolving loan.

The notes, due 2017, and the new credit facility will be guaranteed by Energy and Industrial Utilities' subsidiaries, but will not be an obligation of DTE Energy or any of its affiliates.

Net proceeds of the offering will be used to repay debt and for other expenses.

Shares of DTE added 42 cents to $48.97.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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