The company's original $500 million offering in equity units was increased due to investor demand, making it "The largest combined equity and equity-linked transaction of all time by a U. S. energy company in the secondary market," David Hauser, senior vice president and corporate treasurer, says in a prepared statement.
Duke is attempting to spur profits by launching a variety of mostly energy-related projects that include power plants and natural gas pipelines.
One of those still in the planning stages is a 100-mile natural gas pipeline between Rockingham County, NC, and four counties in southwest Virginia. The pipeline will give developers and others the option of natural gas for the first time in some of its coverage areas. The expanded pipeline should be complete in the fall of 2002.
Duke Energy manages a portfolio of natural gas and electric supply, delivery and trading businesses that generated revenue of more than $49 billion last year. Duke Energy, headquartered in Charlotte, is a Fortune 100 company traded on the New York Stock Exchange.
"Our ability to successfully conclude this transaction in a difficult market indicates the investors confidence in our compelling growth story," Hauser says in his statement.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
