UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 15, 2004
| | | | | |
| | | Exact Name of Registrant as Specified in its Charter, | | |
| Commission | | State of Incorporation, Address of Principal | | I.R.S. Employer |
| File Number | | Executive Offices and Telephone Number | | Identification No. |
| | | | | |
| 1-11607 | | DTE Energy Company
(a Michigan corporation)
2000 2nd Avenue
Detroit, Michigan 48226-1279
313-235-4000 | | 38-3217752 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (seeGeneral Instruction A.2. below):
| |
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TABLE OF CONTENTS
Item 1.01. Entry into a Material Definitive Agreement.
On October 15, 2004, DTE Energy Company (“DTE Energy”) entered into a new $525,000,000 five-year unsecured revolving credit agreement with Citibank, N.A. (“Citibank”), as Administrative Agent, and the banks that are lenders under the agreement, and simultaneously reduced its existing three-year unsecured revolving credit facility from $350,000,000 to $175,000,000. DTE Energy’s aggregate availability under the combined facilities is $700,000,000. Borrowings under the new facility will be available at prevailing short-term interest rates. The new facility will also support DTE Energy’s commercial paper borrowings. The new facility expires in October 2009 and requires the maintenance of a debt to capitalization ratio of no more than .65 to 1 and an earnings before interest, taxes, depreciation and amortization to interest ratio of no less that 2 to 1.
On October 15, 2004, The Detroit Edison Company (“Detroit Edison”) entered into a new $206,250,000 five-year unsecured revolving credit agreement with Barclays Bank PLC (“Barclays”), as Administrative Agent, and the banks that are lenders under the agreement, and simultaneously reduced its existing three-year unsecured revolving credit facility from $137,500,000 to $68,750,000. Detroit Edison’s aggregate availability under the combined facilities is $275,000,000. Borrowings under the new facility will be available at prevailing short-term interest rates. The new facility will also support Detroit Edison’s commercial paper borrowings. The new facility expires in October 2009 and requires the maintenance of a debt to capitalization ratio of no more than .65 to 1 and an earnings before interest, taxes, depreciation and amortization to interest ratio of no less that 2 to 1.
On October 15, 2004, Michigan Consolidated Gas Company (“MichCon”) entered into a new $243,750,000 five-year unsecured revolving credit agreement with Bank One, NA (Main Office — Chicago) (“Bank One”), as Administrative Agent, and the banks that are lenders under the agreement, and simultaneously reduced its existing three-year unsecured revolving credit facility from $162,500,000 to $81,250,000. MichCon’s aggregate availability under the combined facilities is $325,000,000. Borrowings under the new facility will be available at prevailing short-term interest rates. The new facility will also support MichCon’s commercial paper borrowings. The new facility expires in October 2009 and requires the maintenance of a debt to capitalization ratio of no more than .65 to 1 and an earnings before interest, taxes, depreciation and amortization to interest ratio of no less that 2 to 1.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As discussed under Item 1.01 above, on October 15, 2004, DTE Energy entered into a new five-year $525,000,000 credit agreement. DTE Energy does not have any borrowings under the facility at this time.
As discussed under Item 1.01 above, on October 15, 2004, Detroit Edison entered into a new five-year $206,250,000 credit agreement. Detroit Edison does not have any borrowings under the facility at this time.
As discussed under Item 1.01 above, on October 15, 2004, MichCon entered into a new five-year $243,750,000 credit agreement. MichCon does not have any borrowings under the facility at this time.
