Duke Energy closed Friday on a $3.75 billion bond sale, the largest in its history, that will largely be used to finance its acquisition of Piedmont Natural Gas.
Duke issued the offering of 5-, 10- and 30-year senior notes on Tuesday.
“The robust response to our offering and the low interest rates we secured clearly demonstrate the strength of our balance sheet,” spokeswoman Catherine Butler said.
Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., MUFG Securities Americas Inc. and UBS Securities LLC are the underwriters who bought the bonds.
Duke and Piedmont need only approval from North Carolina’s Utilities Commission to close the $4.9 billion deal, in which Duke will assume $1.8 billion of Piedmont’s debt. They expect to close by the end of the year or sooner.
Piedmont will keep its name and headquarters in Charlotte, operating as a subsidiary of Duke.