By Cristal Cody
Tupelo, Miss., Nov. 21 – Duke Energy Florida, LLC sold $900 million of bonds in two tranches on Thursday, according to FWP filings with the Securities and Exchange Commission.
A $200 million tranche of two-year floating-rate senior notes (A3/A-) priced at par to yield Libor plus 25 basis points.
The company sold $700 million of 2.5% 10-year green first mortgage bonds (A1/A) at 99.947 to yield 2.506%, or a spread of 73 bps over Treasuries.
PNC Capital Markets LLC, CastleOak Securities LP, C.L. King & Associates Inc., Drexel Hamilton LLC, Great Pacific Securities and Samuel A. Ramirez & Co. Inc. were the bookrunners for the floaters.
BNP Paribas Securities Corp., MUFG, RBC Capital Markets LLC, SMBC Nikko Securities America Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc. were the bookrunners for the first mortgage bonds.
Proceeds from the first mortgage bonds will be used for eligible green projects.
Proceeds from the floaters will be used to fund storm restoration costs related to Hurricane Dorian and for general company purposes.
The public utility is based in St. Petersburg, Fla., and is a subsidiary of Duke Energy Corp.
| Issuer: | Duke Energy Florida, LLC
|
| Amount: | $900 million
|
| Description: | Bonds
|
| Trade date: | Nov. 21
|
| Settlement date: | Nov. 26
|
| Distribution: | SEC registered
|
|
|
| Two-year floaters
|
| Amount: | $200 million
|
| Description: | Series A floating-rate senior notes
|
| Maturity: | Nov. 26, 2021
|
| Bookrunners: | PNC Capital Markets LLC, CastleOak Securities LP, C.L. King & Associates Inc., Drexel Hamilton LLC, Great Pacific Securities and Samuel A. Ramirez & Co. Inc.
|
| Coupon: | Libor plus 25 bps
|
| Price: | Par
|
| Yield: | Libor plus 25 bps
|
| Call features: | None
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
|
|
| 10-year bonds
|
| Amount: | $700 million
|
| Description: | Green first mortgage bonds
|
| Maturity: | Dec. 1, 2029
|
| Bookrunners: | BNP Paribas Securities Corp., MUFG, RBC Capital Markets LLC, SMBC Nikko Securities America Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
|
| Co-managers: | Loop Capital Markets LLC, Siebert Williams Shank & Co., LLC, Academy Securities, Inc. and Mischler Financial Group, Inc.
|
| Coupon: | 2.5%
|
| Price: | 99.947
|
| Yield: | 2.506%
|
| Spread: | Treasuries plus 73 bps
|
| Call features: | Make-whole call before Sept. 1, 2029 at Treasuries plus 15 bps; thereafter at par
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
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