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Progress Energy Announces the Upsizing and Pricing of Common Stock Offering

Posted on: Wednesday, 7 January 2009, 17:47 CST

RALEIGH, N.C., Jan. 7 /PRNewswire-FirstCall/ -- Progress Energy, Inc. (NYSE: PGN) announced today that it has priced a public offering of 12.5 million shares of common stock at $37.50 per share for gross proceeds of approximately $469 million. The size of the common stock offering was increased from the previously announced 11.5 million shares. In addition, the company granted the underwriters a 30-day option to purchase up to an additional 1.875 million shares of common stock to cover over-allotments. The company will use the net proceeds from the sale to reduce its short-term debt, including outstanding commercial paper and/or borrowings under its revolving credit facility.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020923/CHM008LOGO-c )

The offering was led by J.P. Morgan Securities Inc. and Morgan Stanley & Co. Incorporated. Robert W. Baird & Co. Incorporated, Lazard Capital Markets LLC and UBS Securities LLC acted as co-managers.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction.

Copies of the prospectus and prospectus supplement relating to the shares of common stock offered in this offering may be obtained from the offices of J.P. Morgan Securities Inc. at Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, or by telephone to (718) 242-8002 or by fax to (718) 242-8003, or from the offices of Morgan Stanley & Co. Incorporated at 180 Varick Street (Attention: Prospectus Department), New York, NY 10014 or by email at prospectus@morganstanley.com.

Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a leading energy provider, which includes two vertically integrated major electric utilities that serve 3.1 million customers in the Carolinas and Florida with more than 21,000 megawatts of generation capacity. For more information about Progress Energy, visit the company's Web site at http://www.progress-energy.com

This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve estimates, projections, goals, forecasts, assumptions, risk and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Any forward-looking statement is based on information current as of the date of this release and speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward- looking statement or statements to reflect events or circumstances after the date on which such statement is made.

SOURCE Progress Energy, Inc.

Source: PR Newswire

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