Duke Energy Carolinas to price mortgage bonds in two tranches

By Devika Patel

Knoxville, Tenn., Feb. 26 – Duke Energy Carolinas LLC will conduct a two-tranche offering of first and refunding mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission.

The bonds are due in 2023 and 2048. The 2023 bonds will have a make-whole call until Feb. 15, 2023 and are callable at par after that. The 2048 bonds will have a make-whole call until Sept. 15, 2047 and are callable at par after that.

The bookrunners are Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Mizuho Securities USA Inc., MUFG and U.S. Bancorp Investments Inc.

Proceeds will be used to repay $300 million of 5.1% series B first and refunding mortgage bonds due April 15, 2018 at maturity, to pay down intercompany short-term debt and for general company purposes.

The Charlotte, N.C.-based company generates, transmits, distributes and sells electricity and is a wholly owned subsidiary of Duke Energy Corp.

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