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Long-Term Debt
6 Months Ended
Jun. 30, 2011
Long-term Debt, Current and Noncurrent [Abstract]  
LONG-TERM DEBT
LONG-TERM DEBT


Debt Issuances


In 2011, the Company has remarketed or issued the following long-term debt:


(in Millions)


Month Issued
Type
Interest Rate
Maturity
Amount
April
Tax-Exempt Revenue Bonds(1)(2)
2.35
%
2024
$
31


May
Mortgage Bonds(3)
3.90
%
2021
250


 
 
 
 
$
281




(1)
These bonds were remarketed in a long-term rate mode with a three-year term ending April 1, 2014. The final maturity of the issue is October 1, 2024.


(2)
Detroit Edison Tax Exempt Revenue Bonds are issued by a public body that loans the proceeds to Detroit Edison on terms substantially mirroring the Revenue Bonds.


(3) Proceeds were used for general corporate purposes.




In June 2011, Detroit Edison agreed to issue and sell $225 million of general and refunding mortgage bonds, with an average rate of 4.6% and an average maturity of 17 years, to a group of institutional investors in a private placement transaction. The bonds are expected to close and fund on September 1, 2011.


Debt Retirements and Redemptions


In 2011, the following debt was retired:


(in Millions)


Month Retired
Type
Interest Rate
Maturity
Amount
May
Tax-Exempt Revenue Bonds
6.95%
2011
$
26