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Duke Energy Prices Offering Of $1.5 Bln Of 4.125% Convertible Senior Notes Due 2026
(RTTNews) - Duke Energy Corp. (DUK) announced Tuesday the pricing of its offering of $1.5 billion aggregate principal amount of 4.125% convertible senior notes due 2026 in a private placement under the Securities Act of 1933, as amended.
Duke Energy also granted to each of the initial purchasers of the convertible notes an option to purchase, within a 13-day period from, and including, the date on which the convertible notes are first issued, up to an additional $225 million aggregate principal amount of the convertible notes solely to cover over-allotments.
The convertible notes will be senior unsecured obligations of Duke Energy, and will mature on April 15, 2026, unless earlier converted or repurchased in accordance with their terms. They will bear interest at a fixed rate of 4.125% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2023.
Prior to the close of business on the business day immediately preceding January 15, 2026, the convertible notes will be convertible at the option of the holders only under certain conditions. The sale of the convertible notes is expected to close on April 6, 2023, subject to customary closing conditions.
Duke Energy intends to use the net proceeds from the offering of the convertible notes to repay a portion of its commercial paper and for general corporate purposes.
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