Duke Energy set to price first mortgage bonds due 2017, 2044

By Cristal Cody

Tupelo, Miss., March 3 - Duke Energy Progress Inc. intends to price a two-part offering of first mortgage bonds, according to a preliminary prospectus supplement filed with the Securities and Exchange Commission on Monday.

The deal includes a floating-rate tranche due 2017 and a tranche of bonds due 2044.

BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Mitsubishi UFJ Securities, Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey Inc. are the bookrunners.

Duke Energy Progress plans to use the proceeds to repay short-term debt under a money-pool borrowing arrangement with parent company Duke Energy Corp. and for general corporate purposes.

Raleigh, N.C.-based Duke Energy Progress generates and distributes electricity in North Carolina and South Carolina.

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