Filed pursuant to Rule 433
August 12, 2019
Relating to
Preliminary Prospectus Supplement dated August 12, 2019 to
Prospectus dated March 25, 2019
Registration Statement No. 333-213765-05
Duke Energy Carolinas, LLC
First and Refunding Mortgage Bonds,
$450,000,000 2.45% Series due 2029
$350,000,000 3.20% Series due 2049
Pricing Term Sheet
Issuer: | Duke Energy Carolinas, LLC |
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Trade Date: | August 12, 2019 |
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Settlement Date: | August 14, 2019; T+2 |
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Ratings (Moody’s/S&P)*: | Aa2/A (Stable/Negative) |
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Security Description: | First and Refunding Mortgage Bonds, 2.45% Series due 2029 (the “2029 Bonds”) | First and Refunding Mortgage Bonds, 3.20% Series due 2049 (the “2049 Bonds”) |
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Interest Payment Dates: | February 15 and August 15, beginning on February 15, 2020 | February 15 and August 15, beginning on February 15, 2020 |
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Principal Amount: | $450,000,000 | $350,000,000 |
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Maturity Date: | August 15, 2029 | August 15, 2049 |
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Price to Public: | 99.877% per 2029 Bond, plus accrued interest, if any, from August 14, 2019 | 99.732% per 2049 Bond, plus accrued interest, if any, from August 14, 2019 |
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Coupon: | 2.45% | 3.20% |
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Benchmark Treasury: | 1.625% due August 15, 2029 | 2.875% due May 15, 2049 |
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Benchmark Treasury Price: | 99-26+ | 116-24 |
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Benchmark Treasury Yield: | 1.644% | 2.114% |
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Spread to Benchmark Treasury: | +82 bps | +110 bps |
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Yield to Maturity: | 2.464% | 3.214% |
Redemption Provisions/ Make-Whole Call: | At any time before May 15, 2029 (which is the date that is three months prior to maturity of the 2029 Bonds (the “2029 Par Call Date”)), redeemable at the Treasury Rate + 15 bps. At any time on or after the 2029 Par Call Date, redeemable at par. | At any time before February 15, 2049 (which is the date that is six months prior to maturity of the 2049 Bonds (the “2049 Par Call Date”)), redeemable at the Treasury Rate + 20 bps. At any time on or after the 2049 Par Call Date, redeemable at par. |
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CUSIP / ISIN: | 26442CAY0/ US26442CAY03 | 26442CAZ7/ US26442CAZ77 |
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Joint Book-Running Managers: | Barclays Capital Inc. PNC Capital Markets LLC SunTrust Robinson Humphrey, Inc. | |
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Co-Managers: | BNY Mellon Capital Markets, LLC | |
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Junior Co-Managers: | Drexel Hamilton, LLC | |
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* A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. toll-free at (888) 603-5847, BNP Paribas Securities Corp. toll-free at (800) 854-5674, PNC Capital Markets LLC toll-free at (855) 881-0697, or SunTrust Robinson Humphrey, Inc. toll-free at (800) 685-4786.
