This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Duke Energy Signs $6 Billion Credit Agreement

Stocks in this article: DUK PGN

CHARLOTTE, N.C., Nov. 28, 2011 /PRNewswire/ -- Duke Energy (NYSE: DUK) has entered into a new $6 billion, five-year credit agreement with 30 financial institutions. The company has immediate access to $4 billion under the credit agreement and $2 billion becomes available following the successful closing of Duke Energy's proposed merger with Progress Energy.

(Logo: )

The credit agreement supports the company's commercial paper program and provides a valuable source of liquidity. The agreement replaces Duke Energy's existing $3.14 billion credit facility, which was set to expire in June 2012, and three Progress Energy facilities totaling approximately $2 billion, which expire in 2012 and 2013.

"We are very pleased with this new agreement, as well as the strength and diversity of the banks that are participating," said Stephen G. De May, Duke Energy's senior vice president of investor relations and treasurer. "This credit agreement will be a significant source of our liquidity for many years to come and adds to the financial strength and flexibility of the company's balance sheet."

Wells Fargo, National Association, served as Administrative Agent for the credit agreement and Bank of America, N.A, and the Royal Bank of Scotland, PLC, served as Co-Syndication Agents. The following served as Co-Documentation Agents: Bank of China, New York Branch; Barclays Bank, PLC; Citibank, N.A.; Credit Suisse AG, Cayman Islands Branch; Industrial and Commercial Bank of China Limited, New York Branch; JP Morgan Chase Bank, N.A.; and UBS Securities LLC.

Forty-nine percent of the total agreement is from banks based in North America, 34 percent is from banks based in Europe and 17 percent is from banks based in Asia.

The Bank of China and the Industrial and Commercial Bank of China, the largest bank in the world, and China Merchants Bank will collectively provide $676 million, or 11 percent of the credit agreement. This is the highest level of participation Chinese banks have ever had in a U.S. electric utility's credit facility.

When completed, the Duke Energy/Progress Energy merger will create the nation's largest electric utility, as measured by enterprise value, market capitalization, generation assets, customers and numerous other criteria.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs