Duke Energy Corp. priced a public offering of 18.5 million common shares at $75 per share for gross proceeds of $1.39 billion. The company plans to use net proceeds for general corporate purposes.
Credit Suisse, J.P. Morgan, Barclays, Goldman Sachs & Co. LLC, Bank of America Merrill Lynch, Citigroup, Morgan Stanley and Wells Fargo Securities are acting as joint book-running managers of the offering, which is expected to close March 9.
In connection with the offering, Duke entered into forward sale agreements to issue 18.5 million shares to affiliates of Credit Suisse and J.P. Morgan, according to a March 6 news release. The company granted the underwriters a 30-day overallotment option to purchase up to an additional 2.775 million shares, which if exercised, will result in the utility entering into additional forward sale agreements with respect to the additional shares.
The settlement of the forward sale agreements is anticipated to occur on or prior to Dec. 31.
