Duke Energy lands $6B credit line; Chinese banks provide 11%
The new credit agreement with banks from around the world provides the Charlotte-based utility with additional cash beyond existing credit agreements. Of the $6 billion, $2 billion is contingent upon the closing of its merger with Progress Energy.Posted — Updated
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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