Duke Energy sets price talk for four-part fixed-rate notes, floaters

By Devika Patel and Cristal Cody

Knoxville, Tenn., June 7 – Duke Energy Corp. intends to price senior notes in four tranches, according to a 424B5 filed with the Securities and Exchange Commission and a market source.

The notes will be sold in fixed-rate tranches due June 15 of 2031, 2041 and 2051 and one floating-rate tranche due June 10, 2023.

The floaters are being talked in the SOFR plus 55 basis points area.

The 2031 notes are being talked in the Treasuries plus 125 bps area; the 2041 notes are being talked in the Treasuries plus 140 bps area and the 2051 notes are being talked in the Treasuries plus 150 bps area.

The fixed-rate notes will have a make-whole call followed by a par call. The floaters are non-callable.

Barclays, BofA Securities Inc., PNC Capital Markets LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used to redeem on June 15, 2021 $500 million of the company’s 3.55% senior notes due Sept. 15, 2021, to repay at maturity $750 million of its 1.8% senior notes due Sept. 1, 2021, to repay a portion of its commercial paper and for general corporate purposes.

The energy company is based in Charlotte, N.C.

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