Duke Energy talks $700 mortgage bonds due 2017, 2044 for pricing Monday

By Aleesia Forni

Virginia Beach, Nov. 17 – Duke Energy Progress Inc. intends to price a $700 million two-part offering of first mortgage bonds (Aa2/A/) on Monday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The deal includes a floating-rate tranche due 2017 talked in the Libor plus 30 basis points area and a tranche of bonds due 2044 talked at 120 bps to 125 bps over Treasuries.

BNP Paribas Securities Corp., Goldman Sachs & Co., J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used to repurchase eight series of tax exempt bonds, to repay intercompany short-term debt under its money-pool borrowing arrangement with 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.

© 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.