| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Duke Energy Florida, LLC > News item |
Duke Energy Florida offers first mortgage floating-rate bonds due 2074
Chicago, April 1 – Duke Energy Florida, LLC is offering floating-rate first mortgage bonds due April 15, 2074, according to a 424B5 filing with the Securities and Exchange Commission.
Quarterly interest will be at SOFR minus 35 basis points.
The bonds are redeemable in whole or in part starting April 15, 2054. The redemption price starts at 105 and annually drops by 50 bps until the bonds are redeemable at par on April 15, 2064.
The bonds are putable semiannually starting April 15, 2025 through April 15, 2035 and then on April 15 every second year through April 15, 2071.
Upon the occurrence of certain specific events, the bonds may be redeemed in full at the issuer’s option at 125 plus accrued interest. This may occur if all the company’s outstanding common stock is acquired by a governmental body or instrumentality or if substantially all of the company’s mortgage first-lien bondable property is released and the company holds sufficient money to redeem all the outstanding bonds at the applicable redemption prices plus accrued interest.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are listed as bookrunners.
Bank of New York Mellon is the mortgage trustee.
The issuer is using in-house counsel and Hunton Andrews Kurth LLP. Sidley Austin LLP is advising the bookrunners.
Proceeds will be used to pay down a portion of the company’s accounts receivable securitization facility due on April 26, with approximately $325 million outstanding at a 6.48% annual interest rate. Proceeds will also be used for general company purposes, including funding capital expenditures for ongoing construction and capital maintenance.
Duke Energy Florida, based in St. Petersburg, Fla., is a regulated public utility and an indirect wholly owned subsidiary of Duke Energy Corp.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.