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Debt and Credit Facilities
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt And Credit Facilities DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
Nine Months Ended September 30, 2022
Duke DukeDuke
MaturityInterestDukeEnergyEnergyEnergy
Issuance DateDateRateEnergy(Parent)CarolinasProgressPiedmont
Unsecured Debt
May 2022(a)
May 20525.050 %$400 $— $— $— $400 
June 2022(b)
June 20284.750 %645 645 — — — 
June 2022(b)
June 20345.306 %537 537 — — — 
August 2022(c)
March 20284.300 %900 900 — — — 
August 2022(c)
August 20324.500 %1,150 1,150 — — — 
August 2022(c)
August 20525.000 %1,150 1,150 — — — 
First Mortgage Bonds
March 2022(d)
March 20322.850 %500 — 500 — — 
March 2022(d)
March 20523.550 %650 — 650 — — 
March 2022(d)
April 20323.400 %500 — — 500 — 
March 2022(d)
April 20524.000 %400 — — 400 — 
Tax-exempt Bonds
June 2022(e)
September 20304.000 %168 168 — — — 
June 2022(e)
November 20394.250 %234 234 — — — 
September 2022(f)
October 20463.300 %200 — — 200 — 
September 2022(g)
October 20463.700 %210 — — 210 — 
September 2022(g)
October 20464.000 %42 — — 42 — 
Total issuances$7,686 $4,784 $1,150 $1,352 $400 
(a)Proceeds were used to pay down a portion of outstanding intercompany short-term debt and for general corporate purposes.
(b)Duke Energy (Parent) issued 600 million euros aggregate principal amount of 3.10% senior notes due June 2028 and 500 million euros aggregate principal amount of 3.85% senior notes due June 2034. Proceeds were used to repay a $500 million debt maturity, pay down short-term debt and for general corporate purposes. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. See Note 9 for additional information.
(c)Proceeds will be used to repay a portion of short-term debt and for general corporate purposes.
(d)Proceeds were used to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework.
(e)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain solid waste disposal facilities. The mandatory purchase date of these bonds is June 1, 2027.
(f)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2026.
(g)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2030.
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions)Maturity DateInterest RateSeptember 30, 2022
Unsecured Debt(a)
Duke Energy (Parent)April 20232.875 %$350 
Duke Energy (Parent)(b)
June 20232.048 %500 
First Mortgage Bonds
Duke Energy CarolinasMarch 20232.500 %500 
Duke Energy CarolinasMarch 20233.050 %500 
Duke Energy ProgressSeptember 20233.375 %300 
Duke Energy OhioSeptember 20233.800 %300 
Other(c)
799 
Current maturities of long-term debt$3,249 
(a)In May 2022, Duke Energy (Parent) early retired $500 million of unsecured debt with an original maturity date of August 2022.
(b)Debt has a floating interest rate.
(c)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.
AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2022, Duke Energy amended its existing Master Credit Facility to increase the amount of the facility from $8 billion to $9 billion and to extend the termination date to March 2027. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
September 30, 2022
DukeDukeDukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergyEnergyEnergy
(in millions)Energy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Facility size(a)
$9,000 $3,000 $1,225 $950 $1,350 $775 $900 $800 
Reduction to backstop issuances
Commercial paper(b)
(3,339)(135)(827)(150)(887)(476)(586)(278)
Outstanding letters of credit(38)(25)(4)(2)(7)— — — 
Tax-exempt bonds(81)— — — — — (81)— 
Available capacity under the Master Credit Facility$5,542 $2,840 $394 $798 $456 $299 $233 $522 
(a)Represents the sublimit of each borrower.
(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.
Other Credit Facilities
Duke Energy (Parent) Term Loan Facility
On March 9, 2022, Duke Energy (Parent) entered into a Term Loan Credit Agreement (Credit Agreement) with commitments totaling $1.4 billion maturing March 9, 2024. The maturity date of the Credit Agreement may be extended for up to two years by request of Duke Energy (Parent), upon satisfaction of certain conditions contained in the Credit Agreement. Borrowings under the facility were used to repay amounts drawn under the Three-Year Revolving Credit Facility and for general corporate purposes, including repayment of a portion of Duke Energy's outstanding commercial paper. The balance is classified as Long-Term Debt on Duke Energy's Condensed Consolidated Balance Sheets. The Three-Year Revolving Credit Facility was terminated in March 2022.
Duke Energy Florida Term Loan Facility
In October 2022, Duke Energy Florida entered into a term loan facility with commitments totaling $800 million expiring in April 2024. The term loan was fully drawn at the time of closing in October and borrowings were used for storm costs, under-collected fuel and general company purposes. The balance will be classified as Long-Term Debt on Duke Energy Florida's Consolidated Balance Sheet.
Other Debt Matters
In September 2022, Duke Energy filed a Form S-3 with the SEC. Under this Form S-3, which is uncapped, the Duke Energy Registrants, excluding Progress Energy, may issue debt and other securities, including preferred stock, in the future at amounts, prices and with terms to be determined at the time of future offerings. The registration statement was filed to replace a similar prior filing upon expiration of its three-year term and also allows for the issuance of common and preferred stock by Duke Energy. Also in September 2022, Duke Energy filed a Form S-3 that allows Duke Energy to sell up to $4 billion of variable denomination floating-rate demand notes, called PremierNotes. The Form S-3 states that no more than $2 billion of the notes will be outstanding at any particular time.
Intercompany Credit Agreements
In March 2022, Progress Energy closed a revolving credit agreement with Duke Energy (Parent), which allowed up to $2.5 billion in intercompany borrowings.