Filed pursuant to Rule 433
November 15, 2012
Relating to
Preliminary Prospectus Supplement dated November 15, 2012 to
Prospectus dated March 1, 2012
Registration Statement No. 333-179835-01
Florida Power Corporation
d/b/a Progress Energy Florida, Inc.
First Mortgage Bonds,
$250,000,000 0.65% Series due 2015
$400,000,000 3.85% Series due 2042
Pricing Term Sheet
| Issuer: | Florida Power Corporation d/b/a Progress Energy Florida, Inc. | |||
| Trade Date: | November 15, 2012 | |||
| Settlement Date: | November 20, 2012; T + 3 | |||
| Interest Payment Dates: | May 15 and November 15, beginning on May 15, 2013 | |||
| Ratings (Moody’s/S&P/Fitch) *: | A2 (stable) / A (negative)/ A (negative) | A2 (stable) / A (negative)/ A (negative) | ||
| Security Description: | First Mortgage Bonds, 0.65% Series due 2015 | First Mortgage Bonds, 3.85% Series due 2042 | ||
| Principal Amount: | $250,000,000 | $400,000,000 | ||
| Maturity Date: | November 15, 2015 | November 15, 2042 | ||
| Price to Public: | 99.911% per Bond | 99.683% per Bond | ||
| Coupon: | 0.65% | 3.85% | ||
| Benchmark Treasury: | 0.375% due November 15, 2015 | 2.75% due August 15, 2042 | ||
| Benchmark Treasury Yield: | 0.330% | 2.718% | ||
| Spread to Benchmark Treasury: | +35 bps | +115 bps | ||
| Yield to Maturity: | 0.680% | 3.868% | ||
Redemption Provisions/ Make-Whole Call: | Redeemable at the Treasury Rate + 5 bps. | At any time before six months prior to maturity, redeemable at the Treasury Rate + 20 bps. At any time on or after six months prior to maturity, redeemable at par. | ||
| CUSIP / ISIN: | 341099 CQ0 / US341099CQ08 | 341099 CR8 / US341099CR80 | ||
| Joint Book-Running Managers: | Goldman, Sachs & Co. J.P. Morgan Securities LLC Morgan Stanley & Co. LLC RBC Capital Markets, LLC | |||
| Co-Managers: | BNY Mellon Capital Markets, LLC Fifth Third Securities, Inc. PNC Capital Markets LLC Santander Investment Securities Inc. SunTrust Robinson Humphrey, 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 Goldman, Sachs & Co. toll free at (866) 471-2526, J.P. Morgan Securities LLC collect at (212) 834-4533, Morgan Stanley & Co. LLC at (866) 718-1649 or RBC Capital Markets, LLC toll-free at (866) 375-6829.
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