Filed pursuant to Rule 433
June 18, 2018
Relating to
Preliminary Prospectus Supplement dated June 18, 2018
to
Prospectus dated January 26, 2017
Registration Statement No. 333-213765-04
Duke Energy Florida, LLC
First Mortgage Bonds,
$600,000,000 3.80% Series due 2028
$400,000,000 4.20% Series due 2048
Pricing Term Sheet
Issuer: |
| Duke Energy Florida, LLC | ||
Trade Date: |
| June 18, 2018 | ||
Settlement Date: |
| June 21, 2018; T + 3 | ||
Ratings (Moody’s/S&P):* |
| A1/A(stable/stable) | ||
Interest Payment Dates: |
| January 15 and July 15, beginning on January 15, 2019 | ||
Security Description: |
| First Mortgage Bonds, 3.80% Series due 2028 (the “2028 Mortgage Bonds”) |
| First Mortgage Bonds, 4.20% Series due 2048 (the “2048 Mortgage Bonds”) |
Principal Amount: |
| $600,000,000 |
| $400,000,000 |
Maturity Date: |
| July 15, 2028 |
| July 15, 2048 |
Price to Public: |
| 99.815% per 2028 Mortgage Bond, plus accrued interest, if any, from June 21, 2018 |
| 99.861% per 2048 Mortgage Bond, plus accrued interest, if any, from June 21, 2018 |
Coupon: |
| 3.80% |
| 4.20% |
Benchmark Treasury: |
| 2.875% due May 15, 2028 |
| 3.000% due February 15, 2048 |
Benchmark Treasury Yield: |
| 2.922% |
| 3.058% |
Spread to Benchmark Treasury: |
| + 90 bps |
| + 115 bps |
Yield to Maturity: |
| 3.822% |
| 4.208% |
Redemption Provisions/ |
| At any time before April 15, 2028 (which is the date that is three months prior to maturity of the 2028 Mortgage Bonds (the “2028 Par Call Date”)), redeemable at the Treasury Rate + 15 bps. At any time on or after the 2028 Par Call Date, redeemable at par. |
| At any time before January 15, 2048 (which is the date that is six months prior to maturity of the 2048 Mortgage Bonds (the “2048 Par Call Date”)), redeemable at the Treasury Rate + 20 bps. At any time on or after the 2048 Par Call Date, redeemable at par. |
CUSIP / ISIN: |
| 26444H AE1 / US26444HAE18 |
| 26444H AF8 / US26444HAF82 |
Joint Book-Running Managers: |
| Barclays Capital Inc. | ||
Senior Co-Manager: |
| Loop Capital Markets LLC | ||
Co-Managers: |
| BB&T Capital Markets, a division of BB&T Securities, LLC | ||
Junior Co-Managers: |
| CastleOak Securities, L.P. | ||
* 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 Barclays Capital Inc. toll free at 1-888-603-5847, BNP Paribas Securities Corp. toll-free at 1-800-854-5674, PNC Capital Markets LLC toll-free at 1-855-881-0697, SMBC Nikko Securities America, Inc. toll-free at 1-888-868-6856 or SunTrust Robinson Humphrey, Inc. toll free at 1-800-685-4786.