FWP 1 d233906dfwp.htm FWP FWP

Filed Pursuant to Rule 433

Registration No. 333-230656

Free Writing Prospectus dated November 15, 2021

DTE ENERGY COMPANY

PRICING TERM SHEET

 

Issuer:    DTE Energy Company
Security:    2021 Series E 4.375% Junior Subordinated Debentures due 2081 (the “Junior Subordinated Debentures”)
Format:    SEC Registered
Size:    $280,000,000
Over-allotment Option:    None
Maturity Date:    December 1, 2081
Coupon:    4.375%
Interest Payment Dates:    March 1, June 1, September 1, and December 1 commencing on March 1, 2022
Interest Deferral:    Up to 40 consecutive quarters; deferred interest will accrue and compound quarterly at an annual rate of 4.375%, as permitted by law
Price to Public:    $25.00
Price to Underwriters:    An underwriting discount of $0.7875 per Junior Subordinated Debenture sold in this offering will be deducted from the proceeds paid to DTE Energy Company by the underwriters. However, the discount will be $0.5000 per Junior Subordinated Debenture for sales to institutions.
Par Call:    At any time, in whole or from time to time in part, on or after December 1, 2026, at 100% plus accrued and unpaid interest to but excluding the redemption date
Tax Event Call:    At any time prior to December 1, 2026, in whole but not in part, at 100% plus accrued and unpaid interest to but excluding the redemption date
Rating Agency Call:    At any time prior to December 1, 2026, in whole but not in part, at 102% plus accrued and unpaid interest to but excluding the redemption date
Trade Date:    November 15, 2021
Settlement Date:    T+7; November 24, 2021
Expected Listing:    NYSE
CUSIP / ISIN:    233331 818 / US2333318184


Denominations:    $25.00 and integral multiples thereof
Anticipated Ratings*: (Moody’s/S&P/Fitch)    Baa3 (Stable) / BBB- (Stable) / BB+ (Stable)
Joint Book-Running Managers:   

BofA Securities, Inc.

J.P. Morgan Securities LLC

Morgan Stanley & Co. LLC

Wells Fargo Securities, LLC

*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.

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 contacting BofA Securities, Inc. toll-free at (800) 294-1322 or by email at dg.prospectus_requests@bofa.com, J.P. Morgan Securities LLC collect at 1-212-834-4533, Morgan Stanley & Co. LLC toll-free at 866-718-1649 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.

This communication should be read in conjunction with the Preliminary Prospectus Supplement and the accompanying prospectus. The information in this communication supersedes the information in the Preliminary Prospectus Supplement and the accompanying prospectus to the extent inconsistent with the information in the Preliminary Prospectus Supplement and the accompanying prospectus.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.