New Issue: Duke Energy sells $3.2 billion of senior notes due 2028, 2032, 2052

Chicago, Aug. 8 – Duke Energy Corp. priced $3.2 billion of notes in three parts (Baa2/BBB) on Monday, according to an FWP filed with the Securities and Exchange Commission.

The company priced $900 million of 4.3% senior notes due March 15, 2028 at 99.847 to yield 4.33%, or at a spread of 142 basis points over Treasuries.

The company also sold $1.15 billion of 4.5% senior notes due Aug. 15, 2032 at 99.856 to yield 4.518%, or at 177 bps over the benchmark Treasury.

The final tranche priced as $1.15 billion of 5% senior notes due Aug. 15, 2052 at 99.583 to yield 5.027%, or at 202 bps over Treasuries.

The 2028 notes feature a make-whole call at Treasuries plus 25 bps until Feb. 15, 2028, a month before maturity, and then a par call. The 2032 notes feature a make-whole at call at Treasuries plus 30 bps until May 15, 2032 and then a par call for the last three months until maturity. The 2052 notes feature a make-whole call at Treasuries plus 35 bps until six months prior to maturity on Feb. 15, 2052 and then a par call.

BMO Capital Markets Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Barclays, J.P. Morgan Securities LLC, MUFG, RBC Capital Markets LLC and Truist Securities, Inc. are the bookrunners.

Proceeds will be used to repay a portion of the company’s outstanding commercial paper and for general corporate purposes.

Charlotte, N.C.-based Duke Energy Corp. is a diversified energy company with both regulated and unregulated utility operations.

Issuer:	Duke Energy Corp.
Amount:	$3.2 billion
Issue:	Senior notes
Bookrunners:	BMO Capital Markets Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Barclays, J.P. Morgan Securities LLC, MUFG, RBC Capital Markets LLC and Truist Securities, Inc.
Co-managers:	BNY Mellon Capital Markets, LLC, KeyBanc Capital Markets Inc., Loop Capital Markets LLC, Regions Securities LLC, Siebert Williams Shank & Co., LLC, Academy Securities, Inc., CastleOak Securities, LP, Drexel Hamilton, LLC, Multi-Bank Securities, Inc., R. Seelaus & Co., LLC and Samuel A. Ramirez & Co., Inc.
Trustee:	Bank of New York Mellon
Counsel to issuer:	In-house counsel and Hunton Andrews Kurth LLP
Counsel to underwriters:	Sidley Austin LLP
Trade date:	Aug. 8
Settlement date:	Aug. 11
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered
2028 notes
Amount:	$900 million
Maturity:	March 15, 2028
Coupon:	4.3%
Price:	99.847
Yield:	4.33%
Spread:	Treasuries plus 142 bps
Call features:	Make-whole call at Treasuries plus 25 bps until Feb. 15, 2028; thereafter at par
Cusip:	26441CBS3
2032 notes
Amount:	$1.15 billion
Maturity:	Aug. 15, 2032
Coupon:	4.5%
Price:	99.856
Yield:	4.518%
Spread:	Treasuries plus 177 bps
Call features:	Make-whole call at Treasuries plus 30 bps until May 15, 2032; thereafter at par
Cusip:	26441CBT1
2052 notes
Amount:	$1.15 billion
Maturity:	Aug. 15, 2052
Coupon:	5%
Price:	99.583
Yield:	5.027%
Spread:	Treasuries plus 202 bps
Call features:	Make-whole call at Treasuries plus 35 bps until Feb. 15, 2052; thereafter at par
Cusip:	26441CBU8

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