| Issuer: | Florida Power Corporation d/b/a Progress Energy Florida, Inc. | |
| Supplemental Indenture: | Forty-sixth, dated as of September 1, 2007 | |
| Format: | SEC Registered | |
| Trade Date: | September 13, 2007 | |
| Settlement Date: | September 18, 2007 | |
| Joint Book-Running Managers: | Banc of America Securities LLC | |
| Greenwich Capital Markets, Inc. | ||
| Barclays Capital Inc. | ||
| Deutsche Bank Securities Inc. | ||
| Co-Managers: | Goldman, Sachs & Co. | |
| Lazard Capital Markets LLC | ||
| The Williams Capital Group, L.P. | ||
Tranche A | ||
| Security: | First Mortgage Bonds, 5.80% Series due 2017 | |
| Expected Ratings: | A2 (Moody’s); A- (S&P); A+ (Fitch) | |
| Principal Amount: | $250,000,000 | |
| Date of Maturity: | September 15, 2017 | |
| Interest Rate: | 5.80% | |
| Interest Payment Dates: | Payable semi-annually in arrears on March 15 and September 15, commencing March 15, 2008 | |
| Public Offering Price: | 99.731% of the principal amount thereof, plus no accrued interest to the date of payment and delivery. | |
| Benchmark Treasury: | 4.75% UST due on August 15, 2017 | |
| Benchmark Treasury Yield: | 4.486% | |
| Spread to Benchmark Treasury: | 135 basis points | |
| Re-offer Yield: | 5.836% | |
| Redemption Terms: | Optional — redeemable prior to maturity, in whole or in part, at the option of the Company at a make-whole redemption price (as defined and described in further detail in the Prospectus Supplement) using applicable treasury rate plus 25 basis points. | |
| Special — redeemable prior to maturity, in whole but not in part, upon the occurrence of specific events, at the option of the Company at a make-whole redemption price (as defined and described in further detail in the Prospectus Supplement). |
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Tranche B | ||
| Security: | First Mortgage Bonds, 6.35% Series due 2037 | |
| Expected Ratings: | A2 (Moody’s); A- (S&P); A+ (Fitch) | |
| Principal Amount: | $500,000,000 | |
| Date of Maturity: | September 15, 2037 | |
| Interest Rate: | 6.35% | |
| Interest Payment Dates: | Payable semi-annually in arrears on March 15 and September 15, commencing March 15, 2008 | |
| Public Offering Price: | 99.868% of the principal amount thereof, plus no accrued interest to the date of payment and delivery. | |
| Benchmark Treasury: | 4.75% UST due on February 15, 2037 | |
| Benchmark Treasury Yield: | 4.760% | |
| Spread to Benchmark Treasury: | 160 basis points | |
| Re-offer Yield: | 6.360% | |
| Redemption Terms: | Optional — redeemable prior to maturity, in whole or in part, at the option of the Company at a make-whole redemption price (as defined and described in further detail in the Prospectus Supplement) using applicable treasury rate plus 30 basis points. | |
| Special — redeemable prior to maturity, in whole but not in part, upon the occurrence of specific events, at the option of the Company at a make-whole redemption price (as defined and described in further detail in the Prospectus Supplement). |
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