The units are structured as corporate contracts requiring the future purchase of Duke Energy common stock. Each unit consists of an ownership interest in the company’s 4.85% remarketable senior notes due in 2032 and 2036. Investors will receive a 7.75% annual distribution rate, comprised of interest payments and contract adjustments. Holders are mandated to settle these purchase contracts no later than August 1, 2029, with a reference price set at $121.1827 per share.

The company intends to list these corporate units on the New York Stock Exchange. Proceeds from the offering will be directed toward redeeming $500 million in outstanding 3.25% junior subordinated debentures due in 2082, alongside paying down commercial paper and addressing general corporate needs. A syndicate of banks including Barclays, BofA Securities, and Citigroup is managing the offering. Underwriters have a 13-day window to purchase an additional 5 million units to cover potential over-allotments.