CHARLOTTE, N.C., — Duke Energy Corporation (NYSE: DUK) (“Duke Energy”) announced today that it has commenced a registered public offering of 18.5 million shares of its common stock in connection with forward sale agreements (as discussed below). Credit Suisse, J.P. Morgan, Barclays and Goldman Sachs & Co. LLC are acting as joint book-running managers of this offering. The underwriters may offer shares of Duke Energy’s common stock in transactions on the New York Stock Exchange, in the over-the-counter market or through negotiated transactions at either market prices or at negotiated prices.
In connection with the offering, Duke Energy expects to enter into forward sale agreements with affiliates of each of Credit Suisse and J.P. Morgan (“forward counterparties”) under which Duke Energy will agree to issue and sell to the forward counterparties (subject to Duke Energy’s right to cash settle or net share settle the forward sale agreements) 18.5 million shares of its common stock. In addition, Duke Energy expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 2.775 million shares of Duke Energy’s common stock upon the same terms, solely to cover any over-allotments. If the underwriters exercise their over-allotment option, Duke Energy expects to enter into additional forward sale agreements with the forward counterparties with respect to the additional shares.
Settlement of the forward sale agreements is expected to occur on or prior to Dec. 31, 2018. Duke Energy may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreements.
The expected net proceeds from the offering are to be used for general corporate purposes.
The offering is being made pursuant to Duke Energy’s effective shelf registration statement filed with the Securities and Exchange Commission (SEC). The preliminary prospectus supplement and the accompanying base prospectus related to the offering will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the offering may be obtained from the joint-book running managers for the offering as follows:
Credit Suisse Securities (USA) LLC
Attention: Credit Suisse Prospectus Department
One Madison Avenue
New York, NY 10010
Telephone: (800) 221-1037
Email: newyork.prospectus@credit-suisse.com
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (866) 803-9204
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Email: Barclaysprospectus@broadridge.com
Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Stree
New York, NY 10282
Telephone: (866) 471-2526
Email: prospectus-ny@ny.email.gs.com
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