Duke Energy Ohio offers first mortgage bonds due 2033, 2053

By Mary-Katherine Stinson

Lexington, Ky., March 20 – Duke Energy Ohio, Inc. is offering first mortgage bonds due April 1, 2033 and April 1, 2053, according to a 424B5 filing with the Securities and Exchange Commission.

The 2033 notes are callable at a make-whole premium plus a margin prior to Jan. 1, 2033. For the last three months, they are callable at par.

The 2053 notes are callable at a make-whole premium plus a margin any time prior to Oct. 1, 2052. For the last six months, they are callable at par.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., PNC Capital Markets LLC, Santander US Capital Markets LLC, TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc. are the joint bookrunners for the offering.

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

Duke Energy will be advised by in-house counsel and Hunton Andrews Kurth LLP. Sidley Austin LLP is counsel to the underwriters.

Proceeds will be used to repay at maturity $300 million principal amount of 3.8% first mortgage bonds due Sept. 1, 2023, to repay a portion of the outstanding $100 million term loan due October 2023, to pay down a portion of the outstanding intercompany short-term debt under the money-pool borrowing arrangement with Duke Energy Corp. and for general corporate purposes.

Cincinnati-based public utility Duke Energy Ohio is a subsidiary of Duke Energy Corp.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.