Detroit-based diversified DTE Energy Co. opened a public offering of 12 million equity units, the company said Sept. 28. The proceeds will be used to purchase midstream natural gas assets.
Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase common stock and an undivided beneficial ownership interest in a remarketable $1,000 senior note.
The underwriters will likely receive an option to purchase 1.5 million additional units to cover overallotments.
Wells Fargo Securities, Citigroup and J.P. Morgan are joint book-running managers.
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