| Issuer: | Florida Power Corporation d/b/a Progress Energy Florida, Inc. | |
| Supplemental Indenture: | Forty-Eighth, dated as of June 1, 2008 | |
| Format: | SEC Registered | |
| Trade Date: | June 11, 2008 | |
| Settlement Date: | June 18, 2008 | |
| Joint Book-Running Managers: | Barclays Capital Inc. Citigroup Global Markets Inc. Greenwich Capital Markets, Inc. | |
| Co-Managers: | Lazard Capital Markets LLC Morgan Stanley & Co. Incorporated SunTrust Robinson Humphrey, Inc. Banc of America Securities LLC Deutsche Bank Securities Inc. Goldman, Sachs & Co. BNY Mellon Capital Markets, LLC UBS Securities LLC BB&T Capital Markets, a division of Scott & Stringfellow, Inc. | |
2018 Bonds | ||
| Security: | First Mortgage Bonds, 5.65% Series due 2018 | |
| Expected Ratings: | A2 (Moody’s); A- (S&P); A+ (Fitch) | |
| Principal Amount: | $500,000,000 | |
| Date of Maturity: | June 15, 2018 | |
| Coupon: | 5.650% | |
| Interest Payment Dates: | Payable semi-annually in arrears on June 15 and December 15, commencing December 15, 2008 | |
| Public Offering Price: | 99.639% of the principal amount thereof, plus no accrued interest to the date of payment and delivery. | |
| Benchmark Treasury: | 3.875% UST due on May 15, 2018 | |
| Benchmark Treasury Yield: | 4.068% | |
| Spread to Benchmark Treasury: | 163 basis points | |
| Re-offer Yield: | 5.698% | |
| 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). | ||
2038 Bonds | ||
| Security: | First Mortgage Bonds, 6.40% Series due 2038 | |
| Expected Ratings: | A2 (Moody’s); A- (S&P); A+ (Fitch) | |
| Principal Amount: | $1,000,000,000 | |
| Date of Maturity: | June 15, 2038 | |
| Coupon: | 6.400% | |
| Interest Payment Dates: | Payable semi-annually in arrears on June 15 and December 15, commencing December 15, 2008 | |
| Public Offering Price: | 99.578% of the principal amount thereof, plus no accrued interest to the date of payment and delivery. | |
| Benchmark Treasury: | 5.00% UST due on May 15, 2037 | |
| Benchmark Treasury Yield: | 4.682% | |
| Spread to Benchmark Treasury: | 175 basis points | |
| Re-offer Yield: | 6.432% | |
| 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). |
