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Duke Energy Progress closes sale of $800M of bonds

Duke Energy Progress LLC on Aug. 9 closed the issuance and sale of $300 million of 3.375% first mortgage bonds due 2023 and $500 million of 3.7% first mortgage bonds due 2028.

The Duke Energy Corp. subsidiary intends to use net proceeds from the offering to pay down intercompany short-term debt under its money-pool borrowing arrangement with the parent company and for general company purposes, including funding CapEx for ongoing construction and capital maintenance.

At July 31, the utility had approximately $489 million of outstanding short-term money-pool borrowings at an annual interest rate of 2.21%.

J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Scotia Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. acted as joint book-running managers.