Piedmont Natural Gas selling $300 million 30-year notes Monday

By Andrea Heisinger

New York, July 29 - Piedmont Natural Gas Co., Inc. is preparing to price $300 million of 30-year senior notes (A3/A/) on Monday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

Bookrunners are BofA Merrill Lynch and U.S. Bancorp Investments Inc.

Co-managers are BB&T Capital Markets, PNC Capital Markets LLC and RBC Capital Markets LLC.

Proceeds will be used to finance capital expenditures, to repay medium-term notes at maturity, to repay outstanding short-term debt and unsecured notes under a commercial paper program and for general corporate purposes.

The natural gas distributor is based in Charlotte, N.C.

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