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Duke Energy sells $1.2B of senior notes


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Essential Energy Insights, April 2021

Duke Energy sells $1.2B of senior notes

Duke Energy Corp. sold $1.2 billion of senior notes to repay a portion of its outstanding commercial paper and for general corporate purposes. At May 31, the company had approximately $3.3 billion of commercial paper outstanding, with a weighted average interest rate of approximately 2.67% per year.

The company sold $600 million of its 3.40% notes due June 15, 2029, and $600 million of its 4.20% notes due June 15, 2049, according to a June 4 free writing prospectus.

Interest on the notes is payable June 15 and Dec. 15 of each year, beginning Dec. 15. The issue was expected to be rated Baa1 by Moody's and BBB+ by both S&P Global Ratings and Fitch Ratings.

The 2029 notes have a spread to benchmark Treasury of 130 basis points and the 2049 notes have a spread to benchmark Treasury of 162 basis points.

MUFG Securities Americas Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC served as joint book-running managers. Loop Capital Markets LLC, KeyBanc Capital Markets Inc. and Regions Securities LLC acted as co-managers. CastleOak Securities LP, Great Pacific Securities and Siebert Cisneros Shank & Co. LLC were junior co-managers.