Duke Energy Corporation (NYSE: DUK) announced the pricing of a public offering of 35 million equity units at a stated amount of $50 each, totaling $1.75 billion in aggregate stated amount, according to a press release.

Each Corporate Unit consists of a stock purchase contract for Duke Energy common stock, a 1/40 undivided interest in the company's 4.85% Remarketable Senior Notes due 2032, and a 1/40 undivided interest in its 4.85% Remarketable Senior Notes due 2036, each with a principal amount of $1,000. Total distributions on the Corporate Units will be at a rate of 7.75% per year.

Under the purchase contracts, holders must purchase a variable number of Duke Energy common shares no later than Aug. 1, 2029. The reference price is $121.1827 per share, with a threshold appreciation price of $151.4693, representing a 25% premium. The minimum settlement rate is 0.3301 shares and the maximum is 0.4126 shares per unit.

The offering is expected to close Aug. 13, 2026. Duke Energy has granted underwriters a 13-day option to purchase up to 5 million additional Corporate Units, representing $250 million in additional aggregate stated amount, to cover over-allotments.

Net proceeds are expected to total approximately $1.719 billion, or $1.965 billion if the over-allotment option is exercised in full. Duke Energy plans to use the proceeds to redeem $500 million in 3.25% Junior Subordinated Debentures due 2082, repay a portion of outstanding commercial paper, and for general corporate purposes.

Duke Energy intends to apply to list the Corporate Units on the New York Stock Exchange, with trading expected to begin within 30 days of initial issuance, subject to listing approval. Barclays, BofA Securities, Mizuho, Citigroup, Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, Truist Securities, and Wells Fargo Securities are serving as book-running managers.