Filed pursuant to Rule 433
January 3, 2017
Relating to
Preliminary Prospectus Supplement dated January 3, 2017
to
Prospectus dated September 23, 2016
Registration Statement No. 333-213765-04
Duke Energy Florida, LLC
First Mortgage Bonds,
$250,000,000 1.85% Series due 2020
$650,000,000 3.20% Series due 2027
Pricing Term Sheet
Issuer: |
| Duke Energy Florida, LLC | ||
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Trade Date: |
| January 3, 2017 | ||
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Settlement Date: |
| January 6, 2017; T + 3 | ||
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Ratings (Moody’s/S&P/Fitch)*: |
| A1/A/A (stable/negative/stable) | ||
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Interest Payment Dates: |
| January 15 and July 15, beginning on July 15, 2017 | ||
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Security Description: |
| First Mortgage Bonds, 1.85% Series due 2020 (the “2020 Mortgage Bonds”) |
| First Mortgage Bonds, 3.20% Series due 2027 (the “2027 Mortgage Bonds”) |
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Principal Amount: |
| $250,000,000 |
| $650,000,000 |
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Maturity Date: |
| January 15, 2020 |
| January 15, 2027 |
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Price to Public: |
| 99.886% per 2020 Mortgage Bond, plus accrued interest, if any, from January 6, 2017 |
| 99.940% per 2027 Mortgage Bond, plus accrued interest, if any, from January 6, 2017 |
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Coupon: |
| 1.85% |
| 3.20% |
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Benchmark Treasury: |
| 1.375% due December 15, 2019 |
| 2.000% due November 15, 2026 |
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Benchmark Treasury Yield: |
| 1.489% |
| 2.457% |
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Spread to Benchmark Treasury: |
| +40 bps |
| +75 bps |
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Yield to Maturity: |
| 1.889% |
| 3.207% |
Redemption Provisions/ |
| Redeemable at the Treasury Rate +7.5 bps. |
| At any time before October 15, 2026 (which is the date that is three months prior to maturity of the 2027 Mortgage Bonds (the “2027 Par Call Date”)), redeemable at the Treasury Rate +15 bps. At any time on or after the 2027 Par Call Date, redeemable at par. |
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CUSIP / ISIN: |
| 26444H AB7 / US26444HAB78 |
| 26444H AC5 / US26444HAC51 |
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Joint Book-Running Managers: |
| Merrill Lynch, Pierce, Fenner & Smith Scotia Capital (USA) Inc. | ||
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Co-Managers: |
| BNY Mellon Capital Markets, LLC | ||
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Junior Co-Managers: |
| Lebenthal & Co., LLC | ||
* Security ratings are not recommendations to buy, sell or hold securities. The ratings are subject to change or withdrawal at any time by the respective credit rating agencies.
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 Merrill Lynch, Pierce, Fenner & Smith Incorporated toll free at 1-800-294-1322, Scotia Capital (USA) Inc. toll-free at 1-800-372-3930, TD Securities (USA) LLC toll free at 1-855-495-9846, UBS Securities LLC toll free at 1-888-827-7275 or Wells Fargo Securities, LLC toll free at 1-800-645-3751.
