Company: DTK
Filing Date: 2025-04-04
Form Type: S-3ASR
Source: 0001193125-25-073369
Chunk: 62

Company: DTE ENERGY CO
Filing Date: 2025-04-04
Form: S-3ASR
Chunk 62
---
 of debt securities, on a “release
date” described below, DTE Electric will retire the related series of mortgage bonds and all other mortgage bonds subject to the release provisions, and thereafter will not issue any additional mortgage bonds under the mortgage. DTE Electric
will be required to give notice to the holders of the applicable debt securities of the occurrence of any release date. The “release date” means the date as of which all mortgage bonds, other than the mortgage bonds subject to the release
provisions of the indenture, including the series of mortgage bonds relating to any debt securities, and other than outstanding mortgage bonds which do not in aggregate principal amount exceed the greater of 5% of DTE Electric’s Net Tangible
Assets (as defined below) or 5% of DTE Electric’s Capitalization, have been retired through payment, redemption or otherwise.

On the
release date, the related series of mortgage bonds will no longer secure the applicable debt securities, and those debt securities, together with all other debt securities secured by mortgage bonds subject to the release provisions, will instead be
secured by substitute mortgage bonds issued under a mortgage indenture other than the mortgage, which we refer to as the substitute mortgage. On the date of substitution, DTE Electric will issue and deliver to the indenture trustee, as security for
such debt securities, substitute mortgage bonds. The interest rate, interest payment dates, method of paying interest, stated maturity date and redemption provisions will be identical to those of the applicable series of debt securities, and the
substitute mortgage bonds will be issued in the same aggregate principal amount as the related debt securities then outstanding. Until all mortgage bonds issued under the mortgage are no longer outstanding and the mortgage is terminated, the lien
securing the substitute mortgage bonds would be subject to the prior lien of the mortgage.

21

At December 31, 2024 we had outstanding mortgage bonds subject to the release
provisions of approximately $1.0 billion, and outstanding mortgage bonds not subject to the release provisions of approximately $10.3 billion, which is approximately 37% of our Net Tangible Assets and 46% of our Capitalization.

As used in this prospectus, the following terms have the meanings indicated:

“Capitalization”means the total of all the following items appearing on, or included in, our consolidated
balance sheet: (i) liabilities for indebtedness maturing more than 12 months from the date of determination, and (ii) common stock, common stock expense,