Progress Energy Florida selling benchmark three-, 30-year mortgage bonds on Thursday

By Andrea Heisinger

New York, Nov. 15 - Florida Power Corp., doing business as Progress Energy Florida, Inc., is planning to sell a benchmark-sized offering of first mortgage bonds (A2/A/) in two maturities on Thursday, according to a filing with the Securities and Exchange Commission.

The bonds will be due 2015 and 2042.

Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC are the bookrunners.

Proceeds will be used to repay at maturity $425 million of 4.8% mortgage bonds due March 1, 2013, to repay intercompany short-term debt under a money-pool borrowing arrangement with Duke Energy Corp. and for general corporate purposes.

Progress Energy Florida last sold bonds in a $300 million sale of 10-year notes on Aug. 15, 2011.

The electric utility is based in St. Petersburg, Fla.

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