Duke Energy Corporation announced today the closing of its underwritten public offering of 21,275,000 shares of its common stock in connection with the forward sale agreements described below, which included the underwriters’ full exercise of their over-allotment option to purchase up to an additional 2,775,000 shares of Duke Energy’s common stock.

Credit Suisse, J.P. Morgan, Barclays, Goldman Sachs & Co. LLC, BofA Merrill Lynch, Citigroup, Morgan Stanley and Wells Fargo Securities acted as joint book-running managers of the offering.

The closing will result in approximately $1.58 billion of net proceeds, before expenses (assuming each forward sale agreement is physically settled based on the initial forward sale price per share of $74.0720, as described more fully below).

In connection with the offering, Duke Energy entered into forward sale agreements with affiliates of each of Credit Suisse and J.P. Morgan (“forward counterparties”) under which Duke Energy agreed 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) 21,275,000 shares of its common stock at the initial forward sale price of $74.0720.

Settlement of the forward sale agreements is expected to occur on or prior to Dec. 31, 2018. Upon any physical settlement of each forward sale agreement, Duke Energy will issue and deliver to the relevant forward counterparty shares of Duke Energy’s common stock in exchange for cash proceeds per share, based on the initial forward sale price of $74.0720.  The initial forward sale price will be subject to certain adjustments as provided in the relevant forward sale agreement.  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.

In connection with the forward sale agreements, the forward counterparties borrowed from third-party lenders and sold to the underwriters 21,275,000 shares of Duke Energy’s common stock at the close of the offering.

The net proceeds from the offering are expected to be used for general corporate purposes.