Duke Energy Corp. to redeem $300 million in QUIPS

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Jan 02, 2013, 04:05 ET

CHARLOTTE, N.C., Jan. 2, 2013 /PRNewswire/ -- Duke Energy today announced that on Feb. 1, the company will redeem a series of preferred securities, known as QUIPS, issued by a financing trust owned by its subsidiary Progress Energy, Inc.

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The redemption covers the entire issue of FPC Capital I 7.10 percent Cumulative Quarterly Income Preferred Securities (NYSE: FPCPRA), with a face value of $300 million. As the securities are being redeemed at par, security holders will receive $25 per preferred security held, plus accrued and unpaid distributions in the amount of $0.374722 per preferred security, payable upon presentation on the redemption date of Feb. 1, 2013.

Call notices for this issue are being mailed today by The Bank of New York Mellon Trust Company, N.A., as trustee.

Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at: www.duke-energy.com.