Duke Energy (DUK) priced a public offering of 35 million equity units, with each unit to be issued in a stated amount of $50, for about $1.72 billion in expected net proceeds, the company said Tuesday.

Underwriters have an overallotment option to purchase up to 5 million additional units.

The company expects the offering to close Thursday and plans to use the net proceeds to redeem the outstanding $500 million of its 3.25% junior subordinated debentures due 2082, among other things, it said.