0001104659-17-067368.txt : 20171109 0001104659-17-067368.hdr.sgml : 20171109 20171109160654 ACCESSION NUMBER: 0001104659-17-067368 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20171109 DATE AS OF CHANGE: 20171109 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Duke Energy Carolinas, LLC CENTRAL INDEX KEY: 0000030371 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 560205520 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-213765-05 FILM NUMBER: 171190821 BUSINESS ADDRESS: STREET 1: 526 SOUTH CHURCH STREET STREET 2: EC03T CITY: CHARLOTTE STATE: NC ZIP: 28202 BUSINESS PHONE: 704-594-6200 MAIL ADDRESS: STREET 1: 526 SOUTH CHURCH STREET STREET 2: EC03T CITY: CHARLOTTE STATE: NC ZIP: 28202 FORMER COMPANY: FORMER CONFORMED NAME: Duke Power CO LLC DATE OF NAME CHANGE: 20060403 FORMER COMPANY: FORMER CONFORMED NAME: DUKE ENERGY CORP DATE OF NAME CHANGE: 19970618 FORMER COMPANY: FORMER CONFORMED NAME: DUKE POWER CO /NC/ DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Duke Energy Carolinas, LLC CENTRAL INDEX KEY: 0000030371 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 560205520 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 526 SOUTH CHURCH STREET STREET 2: EC03T CITY: CHARLOTTE STATE: NC ZIP: 28202 BUSINESS PHONE: 704-594-6200 MAIL ADDRESS: STREET 1: 526 SOUTH CHURCH STREET STREET 2: EC03T CITY: CHARLOTTE STATE: NC ZIP: 28202 FORMER COMPANY: FORMER CONFORMED NAME: Duke Power CO LLC DATE OF NAME CHANGE: 20060403 FORMER COMPANY: FORMER CONFORMED NAME: DUKE ENERGY CORP DATE OF NAME CHANGE: 19970618 FORMER COMPANY: FORMER CONFORMED NAME: DUKE POWER CO /NC/ DATE OF NAME CHANGE: 19920703 FWP 1 a17-25136_3fwp.htm FWP

 

Filed pursuant to Rule 433

November 9, 2017

Relating to

Preliminary Prospectus Supplement dated November 9, 2017 to

Prospectus dated January 26, 2017

Registration Statement No. 333-213765-05

 

Duke Energy Carolinas, LLC
First and Refunding Mortgage Bonds,

$550,000,000 3.70% Series due 2047

 

Pricing Term Sheet

 

Issuer:

 

Duke Energy Carolinas, LLC

 

 

 

Trade Date:

 

November 9, 2017

 

 

 

Settlement Date:

 

November 14, 2017; T+3

 

 

 

Ratings (Moody’s/S&P)*:

 

Aa2/A (Stable/Stable)

 

 

 

Security Description:

 

First and Refunding Mortgage Bonds, 3.70% Series due 2047 (the “Bonds”)

 

 

 

Interest Payment Dates:

 

June 1 and December 1, beginning on June 1, 2018

 

 

 

Principal Amount:

 

$550,000,000

 

 

 

Maturity Date:

 

December 1, 2047

 

 

 

Price to Public:

 

99.854% per Bond, plus accrued interest, if any, from November 14, 2017

 

 

 

Coupon:

 

3.70%

 

 

 

Benchmark Treasury:

 

3.00% due May 15, 2047

 

 

 

Benchmark Treasury Price / Yield:

 

103-26+ / 2.808%

 

 

 

Spread to Benchmark Treasury:

 

+90 bps

 

 

 

Yield to Maturity:

 

3.708%

 


 

Redemption Provisions/
Make-Whole Call:

 

At any time before June 1, 2047 (which is the date that is six months prior to maturity of the Bonds (the “Par Call Date”)), the issuer will have the right to redeem the Bonds, in whole or in part and from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Bonds being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Bonds being redeemed that would be due if the Bonds matured on the Par Call Date (exclusive of interest accrued to the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 15 basis points, plus, in either case, accrued and unpaid interest on the principal amount of the Bonds being redeemed to, but excluding, such redemption date.


At any time on or after the Par Call Date, the issuer will have the right to redeem the Bonds, in whole or in part and from time to time, at a redemption price equal to 100% of the principal amount of the Bonds being redeemed plus accrued and unpaid interest on the principal amount of the Bonds being redeemed to, but excluding, such redemption date.

 

 

 

CUSIP / ISIN:

 

26442C AT1 / US26442C AT18

 

 

 

Joint Book-Running Managers:

 

BNP Paribas Securities Corp.
Citigroup Global Markets Inc.
Scotia Capital (USA) Inc.
TD Securities (USA) LLC
Wells Fargo Securities, LLC

 

 

 

Co-Managers:

 

BB&T Capital Markets, a division of BB&T Securities, LLC
KeyBanc Capital Markets Inc.
PNC Capital Markets LLC

 

 

 

Junior Co-Managers:

 

Academy Securities, Inc.
Drexel Hamilton, LLC
Mischler Financial Group, Inc.

 

* A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNP Paribas Securities Corp. toll free at 1-800-854-5674, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, Scotia Capital (USA) Inc. toll-free at 1-800-372-3930, TD Securities (USA) LLC toll free at 1-855-495-9846, and Wells Fargo Securities, LLC toll free at 1-800-645-3751.