Duke Energy Corporation and seven of its subsidiaries filed an 8-K on November 10, 2026, disclosing that on November 9, 2026, they entered into Amendment No. 4 and Consent to their existing Amended and Restated Credit Agreement, obtaining lender consent for a planned internal merger of Duke Energy Progress, LLC into Duke Energy Carolinas, LLC.

Key Highlights

  • Amendment signed November 9, 2026: Duke Energy Corporation and seven subsidiaries entered into Amendment No. 4 and Consent to the Amended and Restated Credit Agreement originally dated March 18, 2022.
  • Wells Fargo as agent: Wells Fargo Bank, National Association, serves as Administrative Agent and Swingline Lender under the credit agreement.
  • Lender consent obtained: The Amendment secures consent from each lender to permit the planned combination of Duke Energy Progress, LLC and Duke Energy Carolinas, LLC.
  • Merger expected January 1, 2027: According to the filing, the Corporation expects Duke Energy Progress to merge with and into Duke Energy Carolinas, with Duke Energy Carolinas as the surviving entity, on January 1, 2027.
  • Internal reorganization described: The filing characterizes the transaction as "an internal reorganization of its wholly-owned subsidiaries."
  • Eight co-borrowers party to the agreement: Parties include Duke Energy Corporation, Duke Energy Carolinas, Duke Energy Florida, Duke Energy Indiana, Duke Energy Kentucky, Duke Energy Ohio, Duke Energy Progress, and Piedmont Natural Gas Company.

Duke Energy Secures Lender Approval for Progress-Carolinas Combination

According to the filing, on November 9, 2026, Duke Energy Corporation and seven of its subsidiaries executed Amendment No. 4 and Consent to the Amended and Restated Credit Agreement dated March 18, 2022. The parties to the Amendment include Duke Energy Carolinas, LLC, Duke Energy Florida, LLC, Duke Energy Indiana, LLC, Duke Energy Kentucky, Inc., Duke Energy Ohio, Inc., Duke Energy Progress, LLC, and Piedmont Natural Gas Company, Inc., all named as Borrowers alongside the Corporation. Wells Fargo Bank, National Association, acts as Administrative Agent and Swingline Lender under the facility.

The filing states that the Corporation expects to effect, on January 1, 2027, "an internal reorganization of its wholly-owned subsidiaries, Duke Energy Carolinas and Duke Energy Progress, pursuant to which Duke Energy Progress will merge with and into Duke Energy Carolinas, with Duke Energy Carolinas as the surviving entity." The Amendment, the filing discloses, "among other changes, obtains consent from each of the lenders to permit the Combination."

Duke Energy Corporation's common stock (NYSE:DUK) is registered on the New York Stock Exchange. The Amendment is filed as Exhibit 10.1 to the 8-K and incorporated by reference. The filing notes that the description of the Amendment "is qualified in its entirety by reference to the full text of the Amendment." The 8-K was signed by Elizabeth H. Jones, Assistant Corporate Secretary of Duke Energy Corporation, and Assistant Secretary of the LLC subsidiaries.

What Was Disclosed

Duke Energy Corporation disclosed an amendment to its existing credit agreement that obtains lender consent for a planned January 1, 2027 internal merger of Duke Energy Progress, LLC into Duke Energy Carolinas, LLC, with Duke Energy Carolinas as the surviving entity.