PNY Piedmont Natural Gas Company, Inc.

Issuer:

Piedmont Natural Gas Company, Inc. (the “Issuer”)

Trade Date:

May 18, 2020

Settlement Date:

May 21, 2020; T+3

Expected Ratings
(Moody’s/S&P)*:

A3 (Stable)/A- (Stable)

Security Description:

3.35% Senior Notes due 2050 (the “Notes”)

Interest Payment Dates:

June 1 and December 1 of each year, beginning on December 1, 2020

Principal Amount:

$400,000,000

Maturity Date:

June 1, 2050

Price to Public:

99.287% per Note, plus accrued interest, if any, from May 21, 2020

Coupon:

3.35%

Benchmark Treasury:

2.00% due February 15, 2050

Benchmark Treasury Yield:

1.438%

Spread to Benchmark Treasury:

+195 bps

Yield to Maturity:

3.388%

Redemption Provisions/
Make-Whole Call:

At any time before December 1, 2049 (which is the date that is six months prior to the maturity date of the Notes (the “Par Call Date”)), the Issuer will have the right to redeem the Notes, at its option, in whole or in part and from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed that would be due if the Notes matured on the Par Call Date (exclusive of interest accrued to the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus, in either case, accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, such redemption date.

Par Call:

At any time on or after the Par Call Date, the Issuer will have the right to redeem the Notes, at its option, in whole or in part and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, such redemption date.

CUSIP / ISIN:

720186AM7 / US720186AM78

Joint Book-Running Managers:

Mizuho Securities USA LLC
Morgan Stanley & Co. LLC
PNC Capital Markets LLC
RBC Capital Markets, LLC
SMBC Nikko Securities America, Inc.
U.S. Bancorp Investments, Inc.

Co-Manager:

Academy Securities, Inc.