Piedmont Natural Gas plans offering of 30-year senior notes

By William Gullotti

Buffalo, N.Y., May 10 – Piedmont Natural Gas Co., Inc. intends to offer fixed-rate senior notes due May 15, 2052, according a 424B5 filing with the Securities and Exchange Commission.

The notes feature a make-whole call until Nov. 15, 2051 followed by a par call.

Mizuho Securities USA Inc., RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, MUFG and U.S. Bancorp Investments Inc. are the joint bookrunning managers.

Bank of New York Mellon Trust Co., NA is the trustee.

In-house counsel and Hunton Andrews Kurth LLP are counsel to the issuer, and Sidley Austin LLP is counsel to the underwriters.

Proceeds will be used to pay down a portion of outstanding intercompany short-term debt under the company’s money-pool borrowing arrangement with Duke Energy Corp. and for general corporate purposes.

As of March 31, the company had approximately $360 million of short-term money-pool borrowings outstanding at a 0.53% annual interest rate.

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

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