Duke Energy to repurchase tax-exempt bonds via mortgage bond offering

By Tali Rackner

Norfolk, Va., Nov. 17 – Duke Energy Progress, Inc. plans to repurchase about $453 million from eight series of tax-exempt bonds with the proceeds from two first mortgage bond offerings, according to a 424B5 filing with the Securities and Exchange Commission.

Of the bonds, about $56 million matures on Nov. 1, 2018, roughly $275 million matures on Oct. 1, 2022 and about $122 million matures on May 1, 2024.

Remaining net proceeds will be used to repay intercompany short-term debt under its money-pool borrowing arrangement with Duke Energy Corp. and for general corporate purposes. As of Nov. 7, there were roughly $117 million of outstanding money-pool borrowings.

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

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