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Published: 2011-11-28 08:30:17
Updated: 2011-11-28 08:30:17

Duke Energy lands $6B credit line; Chinese banks provide 11%


Duke Energy sign
Duke Energy sign
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Duke Energy (NYSE: DUK) has additional liquidity coming its way as the Charlotte-based utility moves toward closure of its merger with Raleigh-based Progress Energy (NYSE: PGN).

Duke said Monday it had closed on a $6 billion credit line with 30 banks and financial institutions from around the world.

Chinese banks are contributing some 11 percent or more than $600 million. That’s a record participation in financing by the Chinese in an American utility, according to Duke.

Of the $6 billion, $2 billion is contingent upon Duke closing the Progress merger.

Duke already had a $3.14 billion credit facility set to expire next June. Progress Energy has credit facilities totaling some $2 billion that were set to close in 2012 and 2013, Duke said in the announcement.

Of the $6 billion, 49 percent came from North American banks, 34 percent from European banks and 17 percent from Asian banks, Duke said.

 


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Why is this news, WRAL?

What does Duke Energy plan to do with this new credit line?

Hmmm... call me crazy but I heard Duke wants to buy Progress Energy. So not only will us Progress Energy customers be gouged with much higher electric bills, that money will be going to China too!

Why is this news, WRAL? What does Duke Energy plan to do with this new credit line?-hp277

Buy Progress Energy, it's in the story....

Oh great! Now we will be getting our electricity from China!!!!!

Why is this news, WRAL?

What does Duke Energy plan to do with this new credit line?

View Comments 4 COMMENTS

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