News Release
April 17, 2003

DUKE ENERGY RENEWS CREDIT FACILITIES

CHARLOTTE, N.C. – Duke Energy recently renewed credit facilities that will both provide continued financial flexibility and reinforce the company’s strong relationship with its banking partners. The facilities have a term of 364 days.

 

Duke Capital Corporation, a wholly owned subsidiary of Duke Energy, successfully completed a $252.5 million syndicated letter of credit facility today that will support future standby letters of credit, and provide liquidity support for the company’s commercial paper program and ongoing working capital needs. 

 

Additionally, last month Duke Energy Field Services completed the renewal of its $350 million facility and Duke Australia Pipeline Finance Pty Ltd completed the renewal of an AUD$315 million facility. These facilities are structured to provide liquidity support and working capital for these business entities.

 

“The very positive response by our bank group confirms the strong level of support and confidence the bank credit market continues to have in Duke Capital and its subsidiaries,” said David Hauser, senior vice president and treasurer. “We were pleased to be able to meet our financial objectives with these facilities.”

 

Bank One Capital Markets Inc. acted as lead arranger and book runner for the Duke Capital facility. JPMorgan Chase Bank acted as lead arranger for the Duke Energy Field Services facility. The Toronto Dominion Bank, National Australia Bank Limited and Citibank N.A. acted as joint-lead arrangers for the Duke Australia Pipeline Finance Pty Ltd facility.

 

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 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 500 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