Piedmont Natural Gas Co. Inc. completed a debt offering of $600 million worth of 3.50% senior notes due 2029, its largest debt issuance and the first since its 2016 merger with Duke Energy Corp.
Piedmont sold the senior notes at a discount to their principal amount and their price to the public is 99.748% apiece, according to a May 24 SEC filing. The senior notes have a maturity date of June 1, 2029, and interest payments are to be paid June 1 and Dec. 1 of each year, beginning Dec. 1 this year.
The gas utility plans to use net proceeds from the offering to retire a bank loan, pay down borrowings and other general corporate purposes.
BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, SMBC Nikko Securities America Inc. and U.S. Bancorp Investments Inc. acted as representatives of the underwriters.