DTE Energy Announces Launch of DT Midstream’s New Senior Secured Credit Facilities

DTE Energy (“DTE Energy”) (NYSE: DTE) today announced that DT Midstream, Inc. (“DT Midstream”), the new independent, publicly traded company that is expected to be formed through the planned spin-off of DTE Energy’s non-utility natural gas pipeline, storage and gathering business, has launched the syndication of a new senior secured credit facility that will provide for up to $1 billion of term loans pursuant to a 7-year term loan facility and up to $750 million of commitments under a 5-year revolving credit facility.

DT Midstream intends to use the net proceeds from the new term loan facility for the repayment of intercompany obligations due to DTE Energy and the payment of a dividend to DTE Energy.

Barclays Bank PLC is acting as joint lead arranger, joint lead bookrunner and administrative agent of the new senior secured credit facility.

DT Midstream has filed the Form 10 registration statement with the Securities and Exchange Commission in connection with the planned spin-off.  Completion of the spin-off is subject to final approval by DTE Energy’s Board of Directors, the Form 10 registration statement being declared effective by the Securities and Exchange Commission, regulatory approvals and satisfaction of other conditions.  Under the separation plan, DTE Energy shareholders will retain their shares of DTE Energy stock and receive a pro-rata dividend of shares of DT Midstream stock.  The separation transaction is expected to be tax-free to DTE Energy and its shareholders for U.S. federal income tax purposes.

For further information, members of the media may call:

Pete Ternes, DTE Energy, 313.235.5555

Contact Data

Pete Ternes
DTE Energy
313.235.5555