New Issue: Piedmont Natural Gas prices $600 million 3.5% 10-year notes at 110 bps over Treasuries

By Cristal Cody

Tupelo, Miss., May 21 – Piedmont Natural Gas Co., Inc. sold $600 million of 3.5% 10-year senior notes at 99.748 to yield 3.53% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The notes (A3/A-) priced with a spread of 119 basis points over Treasuries.

Bookrunners were BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments Inc.

Proceeds will be used to repay the company’s $350 million term loan, to pay down commercial paper and for general corporate purposes.

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

Issuer:	Piedmont Natural Gas Co., Inc.
Amount:	$600 million
Description:	Senior notes
Maturity:	June 1, 2029
Bookrunners:	BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments Inc.
Co-managers:	Loop Capital Markets LLC, BB&T Capital Markets and Regions Securities LLC
Junior co-managers:	Academy Securities, Inc., Drexel Hamilton, LLC and Mischler Financial Group, Inc.
Coupon:	3.5%
Price:	99.748
Yield:	3.53%
Spread:	Treasuries plus 110 bps
Call feature:	Make-whole call before March 1, 2029 at price equal to greater of par and Treasuries plus 20 bps; thereafter at par
Trade date:	May 21
Settlement date:	May 24
Ratings:	Moody’s: A3
	S&P: A-
Distribution:	SEC registered

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