Duke Energy Corp. today kicked off a program that allows the public to invest in the company as a means to help it pay its debts and for other corporate purposes.
The Charlotte-based company said the PremierNotes program will pay a floating interest rate of at least a quarter of a percentage point higher than the average rate of taxable U.S. money market mutual funds. Duke said the rate will be competitive with bank accounts and short-term certificates of deposit.
Those interested in participating must invest at least $1,000. The program will provide services such as free check-writing and transfers to and from linked checking accounts. The most any one investor can invest in the program is $250,000.
The Duke program is not Federal Deposit Insurance Corp.-insured.
Stephen De May, Duke treasurer, said the program will provide Duke with “an additional source of liquidity and a diversification of its capital funding.”