Piedmont Natural Gas plans offering of 10-year senior notes

By Mary-Katherine Stinson

Lexington, Ky., June 5 – Piedmont Natural Gas Co., Inc. intends to offer fixed-rate senior notes due June 15, 2033, according a 424B5 filing with the Securities and Exchange Commission.

The notes feature a make-whole call option until March 15, 2033, three months before maturity, followed by a par call option.

Credit Suisse Securities (USA) LLC, TD Securities (USA) LLC, Truist Securities, Inc. 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 repay at maturity $45 million aggregate principal amount of Piedmont’s 6.87% medium term notes due Oct. 6, 2023, 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 $344 million of short-term money-pool borrowings outstanding at a 5.2% annual interest rate.

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

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