DTE Energy 2012 Annual Report Download - page 90
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Table of Contents
DTE Electric
March/September
Securitization Bonds
6.42%
2012
$164
DTE Electric
April
Mortgage Bonds
7.90%
2012
10
DTE Electric
April
Mortgage Bonds
8.36%
2012
3
DTE Gas
May
Secured Medium Term Notes
7.06%
2012
40
DTE Electric
July
Senior Notes
5.20%
2012
225
DTE Electric
December
Tax Exempt Revenue Bonds (a)
3.05%
2024
65
DTE Electric
December
Tax Exempt Revenue Bonds (a)
5.45%
2032
64
DTE Electric
December
Tax Exempt Revenue Bonds (a)
5.25%
2032
56
DTE Energy
Various
Other Long-Term Debt
Various
2012
12
$ 639
_______________________________________
(a) DTE Electric Tax Exempt Revenue Bonds are issued by a public body that loans the proceeds to DTE Electric on terms substantially mirroring the Revenue Bonds.
The following table shows the scheduled debt maturities, excluding any unamortized discount or premium on debt:
Amount to mature $811
$ 891
$ 476
$ 465
$ 9
$5,166
$7,818
Junior Subordinated Debentures
At December 31, 2012, the Company had $ 280 million of 6.5% Junior Subordinated Debentures due 2061 and $ 200 million of 5.25% Junior
Subordinated Debentures due 2062. The Company has the right to defer interest payments on the debt securities. Should the Company exercise this right, it
cannot declare or pay dividends on, or redeem, purchase or acquire, any of its capital stock during the deferral period. Any deferred interest payments will
bear additional interest at the rate associated with the related debt issue.
Cross Default Provisions
Substantially all of the net utility properties of DTE Electric and DTE Gas are subject to the lien of mortgages. Should DTE Electric or DTE Gas fail to
timely pay their indebtedness under these mortgages, such failure may create cross defaults in the indebtedness of DTE Energy.
As of December 31, 2012, the amount of authorized and unissued stock is as follows:
DTE Energy
Preferred
$ —
5,000,000
DTE Electric
Preferred
$100
6,747,484
DTE Electric
Preference
$1
30,000,000
DTE Gas
Preferred
$1
7,000,000
DTE Gas
Preference
$1
4,000,000
DTE Energy and its wholly owned subsidiaries, DTE Electric and DTE Gas, have unsecured revolving credit agreements with a syndicate of 20 banks
that may be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. No
one bank provides more than 8.5% of the commitment in any facility. Borrowings under the facilities are available at prevailing short-term interest rates.
Additionally, DTE Energy has other facilities to support letter of credit issuance.
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