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Duke Energy plans cumulative redeemable perpetual preferreds
By James McCandless
San Antonio, March 25 – Duke Energy Corp. plans to price an offering of series A cumulative redeemable perpetual preferred stock (Baa3), according to a 424B5 filing with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the joint bookrunners.
Joint lead managers are Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.
The preferreds are redeemable on or after June 15, 2024 at par. Prior to that, they are redeemable within 120 days after a ratings event.
Duke Energy plans to use the proceeds for general corporate purposes, which may include acquisitions, repayment of debt, capital expenditures and working capital.
The company plans to list the preferreds on the New York Stock Exchange.
Duke Energy is a Charlotte, N.C.-based electric utility company.
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