Hunton Andrews Kurth Represents Duke Energy Corporation in its Inaugural Offering of $1.725 Billion 4.125% Convertible Senior Notes

Hunton Andrews Kurth LLP advised Duke Energy Corporation (“Duke Energy”) in connection with its inaugural offering of $1.725 billion in aggregate principal amount of equity-linked 4.125% Convertible Senior Notes due 2026 (“Notes”), in a private placement under Rule 144A of the Securities Act of 1933, as amended, to eligible purchasers. The Notes may be converted into shares of Duke Energy’s common stock at an initial conversion rate tied to the price of Duke Energy’s common stock and as further described in the offering memorandum for this offering.

Duke Energy, together with its subsidiaries, is a diversified energy company headquartered in Charlotte, North Carolina, with both regulated and unregulated utility operations. It conducts its business through three operating business segments. Duke Energy’s electric utilities and infrastructure segment provides retail electric service through the generation, transmission, distribution and sale of electricity to approximately 8.2 million customers within the Southeast and Midwest regions of the United States. Its gas utilities and infrastructure segment has over 1.6 million customers, including 1.1 million customers located in North Carolina, South Carolina and Tennessee, and an additional 550,000 customers located within southwestern Ohio and northern Kentucky. Duke Energy’s commercial renewables segment primarily acquires, builds, develops and operates wind and solar renewable generation throughout the continental U.S. Duke Energy’s commercial renewables segment also enters into strategic transactions including minority ownership and tax equity structures in wind and solar generation. The portfolio includes nonregulated renewable energy and energy storage businesses. In November 2022, Duke Energy’s board of directors committed to a plan to sell the commercial renewables segment, excluding the offshore wind lease for Carolina Long Bay. Duke Energy expects to close the transaction in mid-2023.

The Hunton Andrews Kurth team included Peter K. O’Brien, Patrick C. Jamieson, Brendan P. Harney, Reuben H. Pearlman and Jingyi “Alice” Yao. Robert McNamara and Tim Strother provided tax advice. Leslie Okinaka provided ERISA advice.