New Issue: Duke Energy Progress sells $450 million 3.7% 30-year bonds at 123 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., Sept. 13 – Duke Energy Progress Inc. priced $450 million of 3.7% 30-year first mortgage bonds at 99.745 to yield 3.714% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The bonds (Aa3/A/A+) priced with a spread of 123 basis points over Treasuries.

Credit Suisse Securities (USA) LLC, MUFG and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for capital expenditures for ongoing construction and capital maintenance and for general company purposes.

Raleigh, N.C.-based Duke Energy Progress generates and distributes electricity in North Carolina and South Carolina.

Issuer:	Duke Energy Progress Inc.
Amount:	$450 million
Description:	First mortgage bonds
Maturity:	Oct. 15, 2046
Bookrunners:	Credit Suisse Securities (USA) LLC, MUFG, Wells Fargo Securities LLC
Co-managers:	Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., PNC Capital Markets LLC, SMBC Nikko Securities America, Inc.
Junior co-managers:	Academy Securities, Inc., Blaylock Beal Van, LLC
Coupon:	3.7%
Price:	99.745
Yield:	3.714%
Spread:	Treasuries plus 123 bps
Call feature:	Make-whole call before April 15, 2046 at Treasuries plus 20 bps; thereafter at par
Trade date:	Sept. 13
Settlement date:	Sept. 16
Ratings:	Moody’s: Aa3
	S&P: A
	Fitch: A+
Distribution:	SEC registered

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