0001193125-22-044474.txt : 20220216 0001193125-22-044474.hdr.sgml : 20220216 20220216172303 ACCESSION NUMBER: 0001193125-22-044474 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20220216 DATE AS OF CHANGE: 20220216 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DTE Electric Co CENTRAL INDEX KEY: 0000028385 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 380478650 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-230656-01 FILM NUMBER: 22644722 BUSINESS ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: DETROIT STATE: MI ZIP: 48226 BUSINESS PHONE: 313-235-8652 MAIL ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: DETROIT STATE: MI ZIP: 48226 FORMER COMPANY: FORMER CONFORMED NAME: DETROIT EDISON CO DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DTE Electric Co CENTRAL INDEX KEY: 0000028385 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 380478650 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: DETROIT STATE: MI ZIP: 48226 BUSINESS PHONE: 313-235-8652 MAIL ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: DETROIT STATE: MI ZIP: 48226 FORMER COMPANY: FORMER CONFORMED NAME: DETROIT EDISON CO DATE OF NAME CHANGE: 19920703 FWP 1 d288406dfwp.htm FWP FWP

Filed Pursuant to Rule 433

Registration No. 333-230656-01

Free Writing Prospectus dated February 16, 2022

DTE ELECTRIC COMPANY

PRICING TERM SHEET

$500,000,000 2022 Series A 3.000% General and Refunding Mortgage Bonds due 2032

$400,000,000 2022 Green Series B 3.650% General and Refunding Mortgage Bonds due 2052

 

Issuer:    DTE Electric Company
Anticipated Ratings*:    Aa3 (stable) / A (stable) / A+ (stable) (Moody’s/ S&P/ Fitch)
Trade Date:    February 16, 2022
Settlement Date:    T+5; February 24, 2022
Security:    2022 Series A 3.000% General and Refunding Mortgage Bonds due 2032    2022 Green Series B 3.650% General and Refunding Mortgage Bonds due 2052
  

 

   

 

Principal Amount:    $500,000,000    $400,000,000
Maturity Date:    March 1, 2032    March 1, 2052
Coupon:    3.000%    3.650%
Interest Payment Dates:    March 1 and September 1, commencing September 1, 2022    March 1 and September 1, commencing September 1, 2022
Benchmark Treasury:    1.875% due February 15, 2032    1.875% due November 15, 2051
Benchmark Treasury Price/Yield:    98-14+ / 2.047%    89-06+ / 2.384%
Spread to Benchmark Treasury:    +100 bps    +130 bps
Yield to Maturity:    3.047%    3.684%
Price to Public:    99.596%    99.385%
Optional Redemption:    Prior to December 1, 2031 (the “Series A Par Call Date”), the Series A Bonds will be redeemable in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Series A    Prior to September 1, 2051, (the “Series B Par Call Date”), the Series B Bonds will be redeemable in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Series B

   Bonds matured on the Series A Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the redemption date, and (2) 100% of the principal amount of the Series A Bonds to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.    Bonds matured on the Series B Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest accrued to the redemption date, and (2) 100% of the principal amount of the Series B Bonds to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.
   On or after the Series A Par Call Date, the Series A Bonds will be redeemable in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Series A Bonds being redeemed plus accrued and unpaid interest thereon to the redemption date.    On or after the Series B Par Call Date, the Series B Bonds will be redeemable in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Series B Bonds being redeemed plus accrued and unpaid interest thereon to the redemption date.
CUSIP:    23338V AQ9    23338V AR7
ISIN:    US 23338VAQ95    US 23338VAR78
Joint Book-Running Managers:   

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

Scotia Capital (USA) Inc.

BMO Capital Markets Corp.

BofA Securities, Inc.

MUFG Securities Americas Inc.

PNC Capital Markets LLC

TD Securities (USA) LLC

Co-Managers:   

Fifth Third Securities, Inc.

Mizuho Securities USA LLC

Truist Securities, Inc.

U.S. Bancorp Investments, 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.

 

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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Inc. at 800-831-9146, J.P. Morgan Securities LLC collect at 212-834-4533 or Scotia Capital (USA) Inc. toll free at 800-372-3930.

 

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