Piedmont Natural Gas plans to sell 10-year notes, expected in 110 bps to 115 bps area

By Devika Patel and Cristal Cody

Knoxville, Tenn., March 8 – Piedmont Natural Gas Co., Inc. intends to offer $350 million of fixed-rate senior notes due March 15, 2031, according a 424B5 filing with the Securities and Exchange Commission and a market source.

The notes are expected to price with a spread in the Treasuries plus 110 basis points to 115 bps area.

The notes feature a make-whole call until Dec. 15, 2030 and then a par call.

Mizuho Securities USA Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc. and U.S. Bancorp Investments Inc. are the bookrunners.

Proceeds will be used to repay at maturity $160 million of the company’s 4.24% series B senior notes due June 6, 2021, to pay down some short-term debt and for general corporate purposes.

Piedmont is a Charlotte, N.C.-based natural gas distributor.

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