Filed pursuant to Rule 433
November 29, 2021
Relating to
Preliminary Prospectus Supplement dated November 29, 2021
to
Prospectus dated September 23, 2019
Registration Statement No. 333-233896-05
Duke Energy Florida, LLC
$650,000,000 First Mortgage Bonds, 2.40% Series due 2031
$500,000,000 First Mortgage Bonds, 3.00% Series due 2051
Pricing Term Sheet
| Issuer: | Duke Energy Florida, LLC |
| Trade Date: | November 29, 2021 |
| Settlement Date: | December 2, 2021 (T + 3) |
| Ratings (Moody’s/S&P):* | A1/A (stable/stable) |
| Interest Payment Dates: | June 15 and December 15 of each year, beginning on June 15, 2022 |
| Security Description: | First Mortgage Bonds, 2.40% Series due 2031 (the “2031 Sustainability Bonds”) | First Mortgage Bonds, 3.00% Series due 2051 (the “2051 Sustainability Bonds”) |
| Principal Amount: | $650,000,000 | $500,000,000 |
| Maturity Date: | December 15, 2031 | December 15, 2051 |
| Price to Public: | 99.849% per 2031 Sustainability Bond, plus accrued interest, if any, from December 2, 2021 | 99.430% per 2051 Sustainability Bond, plus accrued interest, if any, from December 2, 2021 |
| Coupon: | 2.40% | 3.00% |
| Benchmark Treasury: | 1.375% due November 15, 2031 | 2.000% due August 15, 2051 |
| Benchmark Treasury Yield: | 1.517% | 1.879% |
| Spread to Benchmark Treasury: | + 90 bps | + 115 bps |
| Yield to Maturity: | 2.417% | 3.029% |
Redemption Provisions/
Make-Whole Call: | At any time before September 15, 2031 (which is the date that is three months prior to the maturity date of the 2031 Sustainability Bonds (the “2031 Par Call Date”)), redeemable at the Treasury Rate applicable to the 2031 Sustainability Bonds + 15 bps. At any time on or after the 2031 Par Call Date, redeemable at par. | At any time before June 15, 2051 (which is the date that is six months prior to the maturity date of the 2051 Sustainability Bonds (the “2051 Par Call Date”)), redeemable at the Treasury Rate applicable to the 2051 Sustainability Bonds + 20 bps. At any time on or after the 2051 Par Call Date, redeemable at par. |
| CUSIP / ISIN: | 26444H AK7/US26444HAK77 | 26444H AL5/US26444HAL50 |
| Joint Book-Running Managers: | BofA Securities, Inc.
Goldman Sachs & Co. LLC
Mizuho Securities USA LLC
SMBC Nikko Securities America, Inc.
Truist Securities, Inc.
MUFG Securities Americas Inc.
Scotia Capital (USA) Inc.
TD Securities (USA) LLC |
| Co-Managers: | Loop Capital Markets LLC
Santander Investment Securities Inc.
Siebert Williams Shank & Co., LLC
Cabrera Capital Markets LLC
C.L. King & Associates, Inc.
Great Pacific Securities
Mischler Financial Group, Inc. |
* 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 BofA Securities, Inc. toll free at 1-800-294-1322, Goldman Sachs & Co. LLC toll free at 1-866-471-2526, Mizuho Securities USA LLC toll free at 1-866-271-7403, SMBC Nikko Securities America, Inc. toll free at 1-888-868-6856 or Truist Securities, Inc. toll free at 1-800-685-4786.
