Issuer:
|
The Detroit Edison Company | |||
Security:
|
2011 Series B 3.90% General and Refunding Mortgage Bonds due 2021 | |||
Size:
|
$250,000,000 | |||
Maturity Date:
|
June 1, 2021 | |||
Coupon:
|
3.90% | |||
Interest Payment Dates:
|
June 1 and December 1, commencing December 1, 2011 | |||
Price to Public:
|
99.735% | |||
Spread to Benchmark Treasury:
|
+77 bps | |||
Benchmark Treasury:
|
3.625% due February 15, 2021 | |||
Benchmark Treasury Yield:
|
3.162% | |||
Re-offer Yield:
|
3.932% | |||
Make-whole call:
|
Prior to March 1, 2021 at Treasury plus 15 bps | |||
Par Call:
|
On or after March 1, 2021 | |||
Trade Date:
|
May 11, 2011 | |||
Settlement Date:
|
T+5; May 18, 2011 | |||
CUSIP:
|
250847 EG1 | |||
Anticipated Ratings:*
|
A2/A/A- (Moody’s/S&P/Fitch) | |||
Joint Book-Running Managers:
|
J.P. Morgan Securities LLC RBS Securities Inc. UBS Securities LLC |
|||
Co-Managers:
|
BNY Mellon Capital Markets, LLC Comerica Securities, Inc. Mitsubishi UFJ Securities (USA), Inc. |
* | Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |