UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01. Other Events.
On March 17, 2022, Duke Energy Progress, LLC (the “Company”) consummated the issuance and sale of the securities described below pursuant to an underwriting agreement, dated March 14, 2022 (the “Underwriting Agreement”), with BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Scotia Capital (USA) Inc., as representatives of the several underwriters named therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $500,000,000 aggregate principal amount of the Company’s First Mortgage Bonds, 3.40% Series due 2032 and $400,000,000 aggregate principal amount of the Company’s First Mortgage Bonds, 4.00% Series due 2052 (collectively, the “Sustainability Bonds”). The Sustainability Bonds were sold to the Underwriters at a discount to their principal amounts. The Sustainability Bonds were issued under the Mortgage and Deed of Trust (dated as of May 1, 1940) with The Bank of New York Mellon (formerly Irving Trust Company) (the “Corporate Trustee”) and Christie Leppert (successor to Frederick G. Herbst), as trustees (together with the Corporate Trustee, the “Mortgage Trustees”), as supplemented from time to time, including by the Ninety-second Supplemental Indenture, dated as of March 1, 2022 (the “Ninety-second Supplemental Indenture”), among the Company and the Mortgage Trustees, relating to the Sustainability Bonds (collectively, the “Mortgage”).
The foregoing disclosure is qualified in its entirety by the provisions of the Mortgage, the Ninety-second Supplemental Indenture, together with the forms of global bonds evidencing the Sustainability Bonds included therein, which is filed as Exhibit 4.1 hereto, and the Underwriting Agreement, which is filed as Exhibit 99.1 hereto. Such exhibits are incorporated herein by reference. Also, in connection with the issuance and sale of the Sustainability Bonds, the Company is filing a legal opinion regarding the validity of the Sustainability Bonds as Exhibit 5.1 to this Current Report on Form 8-K for the purpose of incorporating the opinion into the Company’s Registration Statement on Form S-3 (No. 333-233896-02).
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 17, 2022 | DUKE ENERGY PROGRESS, LLC | ||
| By: | /s/ Robert T. Lucas III, Esq. | ||
| Name: | Robert T. Lucas III, Esq. | ||
| Title: | Assistant Secretary | ||
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