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Long-Term Debt
6 Months Ended
Jun. 30, 2011
Long-Term Debt [Abstract]  
LONG-TERM DEBT
NOTE 8 — LONG-TERM DEBT
Debt Issuances
In 2011, the Company remarketed or issued the following long-term debt:
(in Millions)
                                         
Company   Month Issued     Type     Interest Rate     Maturity     Amount  
Detroit Edison
  April   Tax-Exempt Revenue Bonds(1)(2)     2.35 %     2024     $ 31  
Detroit Edison
  May   Mortgage Bonds (3)     3.90 %     2021       250  
DTE Energy
  May   Senior Notes(4)   Variable(5)     2013       300  
 
                                     
 
                                  $ 581  
 
                                     
 
(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.
 
(4)   Proceeds were used to repay a portion of DTE Energy’s $600 million 7.05% Senior Notes due June 1, 2011 and for general corporate purposes.
 
(5)   The interest rate is reset quarterly at the three month LIBOR rate plus 70 basis points.
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)
                                         
Company   Month Retired     Type     Interest Rate     Maturity     Amount  
Detroit Edison
  May   Tax-Exempt Revenue Bonds     6.95 %     2011     $ 26  
DTE Energy
  June   Senior Notes     7.05 %     2011       600  
 
                                     
 
                                  $ 626