We acted as special product counsel on the offering

Davis Polk acted as special product counsel to the representatives of the several underwriters in connection with an SEC-registered offering by Duke Energy Corporation of 40,000,000 equity units, which includes the full exercise of the underwriters’ over-allotment option to purchase additional equity units. Each equity unit will have a stated amount of $50 and will initially be in the form of a corporate unit consisting of a purchase contract issued by Duke Energy, a 1/40, or 2.5%, undivided beneficial ownership interest in $1,000 principal amount of its 4.85% remarketable senior notes due 2032 and a 1/40, or 2.5%, undivided beneficial ownership interest in $1,000 principal amount of its 4.85% remarketable senior notes due 2036. Duke Energy expects to use the net proceeds from the sale of the equity units to redeem or repay certain outstanding liabilities and for general corporate purposes.

Duke Energy, a Fortune 150 company headquartered in Charlotte, North Carolina, is one of America’s largest energy holding companies. The company’s electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.

The Davis Polk equity derivatives team included partner Mark M. Mendez, counsel M. Faisal Baloch and associate Melissa X. Estrada. Partner Aliza Slansky, counsel Yixuan Long and associate Katherine S. Xiu provided tax advice. All members of the Davis Polk team are based in the New York office.

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