UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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): April 29, 2009
| | | | | |
| | | 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 | | 38-3217752 |
| | | (a Michigan corporation) | | |
| | | One Energy Plaza | | |
| | | Detroit, Michigan 48226-1279 | | |
| | | 313-235-4000 | | |
| | | | | |
| 1-2198 | | The Detroit Edison Company | | 38-0478650 |
| | | (a Michigan corporation) | | |
| | | One Energy Plaza | | |
| | | Detroit, Michigan 48226-1279 | | |
| | | 313-235-4000 | | |
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:
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))
Item 1.01. Entry into a Material Definitive Agreement.
On April 29, 2009, The Detroit Edison Company (“Detroit Edison”) entered into a new two-year unsecured revolving credit agreement by and among Detroit Edison, the lenders party thereto, Barclays Bank PLC (“Barclays”), as Administrative Agent, and Citibank, N.A. (“Citibank”), JPMorgan Chase Bank, N.A. (“JPMorgan”) and The Royal Bank of Scotland plc (“RBS”), as Co-Syndication Agents. Detroit Edison’s aggregate availability under the new facility is approximately $211 million. 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 April 2011 and requires the maintenance of a debt to capitalization ratio of no more than .65 to 1.
Item 1.02. Termination of a Material Definitive Agreement.
Effective April 29, 2009, Detroit Edison terminated the Second Amended and Restated Five-Year Credit Agreement, dated as of October 17, 2005, by and among Detroit Edison, the lenders party thereto and Barclays, as Administrative Agent. Detroit Edison terminated this credit facility because it has been replaced with the new two-year credit facility, dated as of April 29, 2009, as discussed under Item 1.01 above.
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 April 29, 2009, Detroit Edison entered into a new two-year credit agreement for borrowings up to approximately $211 million. Detroit Edison does not have any borrowings under the facility at this time.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| | 10.1 | | Form of Detroit Edison Two-Year Credit Agreement, dated as of April 29, 2009, by and among Detroit Edison, the lenders party thereto, Barclays, as Administrative Agent, and Citibank, JPMorgan and RBS, as Co-Syndication Agents. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| | | | | |
| Date: May 4, 2009 | DTE ENERGY COMPANY
(Registrant)
| |
| | /s/ David R. Murphy | |
| | David R. Murphy | |
| | Assistant Treasurer | |
| |
| | THE DETROIT EDISON COMPANY
(Registrant)
| |
| | /s/ David R. Murphy | |
| | David R. Murphy | |
| | Assistant Treasurer | |
EXHIBIT INDEX
| | | |
| Exhibit | | |
| Number | | Description |
| | | |
| 10.1 | | Form of Detroit Edison Two-Year Credit Agreement, dated as of April 29, 2009, by and among Detroit Edison, the lenders party thereto, Barclays, as Administrative Agent, and Citibank, JPMorgan and RBS, as Co-Syndication Agents. |
