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Duke Energy issues $1B worth of preferred shares

Duke Energy Corp. launched a $1 billion offering of its 4.875% series B fixed-rate reset cumulative redeemable perpetual preferred stock at a price of $1,000 apiece.

Dividend payments dates are every March 16 and Sept. 16. A prorated initial dividend of approximately $24.92 per preferred share will be payable on March 16, 2020, when declared by the board.

The preferred stock was rated Baa3 by Moody's, BBB by S&P Global Ratings and BBB- by Fitch Ratings, according to a Sept. 9 free writing prospectus.

Duke Energy plans to use net proceeds for general corporate purposes, which may include acquisition, debt repayment, capital expenditures and working capital. The company said it may temporarily invest net proceeds in short-term marketable securities or repay short-term debt.

Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as joint book-running managers. Regions Securities LLC, Santander Investment Securities Inc. and The Williams Capital Group LP acted as co-managers. CastleOak Securities LP, Drexel Hamilton LLC and Siebert Cisneros Shank & Co. LLC were junior co-managers.