Apr. 3--Progress Energy Inc. has sold $750 million of senior notes.

The sale consisted of $300 million of 5-year, 6.05 percent notes and $450 million of 10-year, 7.05 percent notes, according to Fitch Ratings, which rated the notes "BBB".

The Raleigh-based parent of Progress Energy Carolinas and Progress Energy Florida will use the proceeds to fund capital spending in Florida and for general corporate purposes, spokesman David McNeil said.

Fitch said the rating outlook is stable, reflecting the utility holding company's strong liquidity; stable cash flows from the two regulated utilities; and historically supportive state regulatory environments in Florida, North Carolina and South Carolina.

Fitch also noted Progress Energy's January sale of $525 million of common equity to keep its capital structure balanced between equity and debt.

Dean Hardwoods offers new product

Dean Hardwoods Inc. of Leland has been named North Carolina distributor for TimberSIL Products, the Springfield, Va., company announced.

TimberSIL makes what it describes as non-toxic silica glass wood building material that is stronger than wet-treated wood and is EPA-certified as a non-toxic barrier to insects. It uses a coating of microscopic flakes of silica in around southern yellow pine, TimberSIL said.

Tourism Authority elects new officers

The New Hanover County Tourism Development Authority's board has elected its officers for 2009. They are chairman, Ronnie Pernell, owner of Moran Motel in Kure Beach, representing Kure Beach accommodations; vice chairman, Bob McKoy, owner of Network Real Estate in Carolina Beach, representing vacation rental properties in New Hanover County; secretary. New Hanover County Commissioner Bill Caster; and treasurer, Avril Pinder, New Hanover finance officer. Kim Hufham is president and CEO of the authority.

Insurance agency expands

Senn Dunn, an independent insurance agency in Wilmington, has expanded and moved its office to 6105 Oleander Drive, Suite 202. The office is managed by Brad Southerland.

New client added

Maximum Design & Advertising has added Lisle Architecture as a client, providing public relations and promotion for the Wilmington company, which serves residential and commercial clients.

- From staff reports

-----

To see more of The Star-News or to subscribe to the newspaper, go to http://www.starnewsonline.com.

Copyright (c) 2009, Star-News, Wilmington, N.C.

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

NYSE:PGN,

A service of YellowBrix, Inc.