Duke Energy plans $1,000-par fixed-rate reset cumulative preferreds

By James McCandless

San Antonio, Sept. 9 – Duke Energy Corp. plans to price an offering of $1,000-par series B fixed-rate reset cumulative redeemable perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners.

The preferreds are redeemable on or after Sept. 16, 2024 or on any fifth anniversary of that date at par. Prior to that, the preferreds are redeemable within 120 days after a ratings event.

Duke Energy plans to use the proceeds to repay a portion of its outstanding commercial paper, to repay at maturity $500 million aggregate principal amount of its outstanding 5.05% senior notes due Sept. 15, 2019 and for general corporate purposes.

The company does not plan to list the preferreds on any securities exchange.

Duke Energy is a Charlotte, N.C.-based utilities company.

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