News Release
Sept. 25, 2002

DUKE ENERGY ANNOUNCES PRICING FOR PUBLIC OFFERING

CHARLOTTE, N.C.  --   Duke Energy announced the pricing of today's public offering of 54,500,000 shares of common stock at $18.35 per share. The public offering raised approximately $1 billion in gross proceeds for DUK. These securities will be issued under the company's existing shelf registration with the Securities and Exchange Commission. The common stock is expected to be issued on Tuesday, Oct. 1, subject to customary closing conditions.

 

In connection with the offering, the company has granted the underwriters an option for a period of 30 days to purchase up to an additional 8,175,000 shares of the company's common stock to cover over-allotments.

 

The net proceeds from the offering will be used to repay commercial paper previously issued by Duke Capital Corporation to fund a portion of the cash consideration for the acquisition of Westcoast Energy.

 

The sole bookrunning lead manager for the offering is Morgan Stanley & Co. Incorporated.

 

Duke Energy is a diversified multinational energy company with an integrated network of energy assets and expertise. The company manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses – meeting the energy needs of customers throughout North America and in key markets around the world. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.

 

Contact: Terry Francisco
Phone: 704/373-6680
24 Hour Phone: 704/382-8333
Email: thfrancisco@duke-energy.com