0001104659-18-012203.txt : 20180226 0001104659-18-012203.hdr.sgml : 20180226 20180226165303 ACCESSION NUMBER: 0001104659-18-012203 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20180226 DATE AS OF CHANGE: 20180226 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: 18641309 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 a18-6468_3fwp.htm FWP

 

Filed pursuant to Rule 433

February 26, 2018

Relating to

Preliminary Prospectus Supplement dated February 26, 2018 to

Prospectus dated January 26, 2017

Registration Statement No. 333-213765-05

 

Duke Energy Carolinas, LLC
First and Refunding Mortgage Bonds,

$500,000,000 3.05% Series due 2023

$500,000,000 3.95% Series due 2048

 

Pricing Term Sheet

 

Issuer:

Duke Energy Carolinas, LLC

 

 

 

 

 

 

Trade Date:

February 26, 2018

 

 

 

 

 

 

Settlement Date:

March 1, 2018; T+3

 

 

 

 

 

 

Ratings (Moody’s/S&P)*:

Aa2/A (Stable/Stable)

 

 

 

 

 

 

Security Description:

First and Refunding Mortgage Bonds, 3.05% Series due 2023 (the “2023 Bonds”)

 

First and Refunding Mortgage Bonds, 3.95% Series due 2048 (the “2048 Bonds”)

 

 

 

 

Interest Payment Dates:

March 15 and September 15, beginning on September 15, 2018

 

March 15 and September 15, beginning on September 15, 2018

 

 

 

 

Principal Amount:

$500,000,000

 

$500,000,000

 

 

 

 

Maturity Date:

March 15, 2023

 

March 15, 2048

 

 

 

 

Price to Public:

99.883% per 2023 Bond, plus accrued interest, if any, from March 1, 2018

 

99.527% per 2048 Bond, plus accrued interest, if any, from March 1, 2018

 

 

 

 

Coupon:

3.05%

 

3.95%

 

 

 

 

Benchmark Treasury:

2.625% due February 28, 2023

 

2.750% due November 15, 2047

 

 

 

 

Benchmark Treasury Price:

100-03

 

92-06

 

 

 

 

Benchmark Treasury Yield:

2.605%

 

3.157%

 

 

 

 

Spread to Benchmark Treasury:

+47 bps

 

+82 bps

 

 

 

 

Yield to Maturity:

3.075%

 

3.977%

 


 

Redemption Provisions/
Make-Whole Call:

At any time before February 15, 2023 (which is the date that is one month prior to maturity of the 2023 Bonds (the “2023 Par Call Date”)), redeemable at the Treasury Rate + 10 bps. At any time on or after the 2023 Par Call Date, redeemable at par.

 

At any time before September 15, 2047 (which is the date that is six months prior to maturity of the 2048 Bonds (the “2048 Par Call Date”)), redeemable at the Treasury Rate + 15 bps. At any time on or after the 2048 Par Call Date, redeemable at par.

 

 

 

 

CUSIP / ISIN:

26442C AV6 / US26442CAV63

 

26442C AU8 / US26442CAU80

 

 

 

 

Joint Book-Running Managers:

Credit Suisse Securities (USA) LLC

 

 

 

Goldman Sachs & Co. LLC

 

 

 

Mizuho Securities USA LLC

 

 

 

MUFG Securities Americas Inc.

 

 

 

U.S. Bancorp Investments, Inc.

 

 

 

 

 

 

Co-Managers:

Regions Securities LLC

 

 

 

Santander Investment Securities Inc.

 

 

 

The Williams Capital Group, L.P.

 

 

 

 

 

 

Junior Co-Managers:

Blaylock Van, LLC

 

 

 

Siebert Cisneros Shank & Co., L.L.C.

 

 

 

* 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 Credit Suisse Securities (USA) LLC toll-free at (800) 221-1037, Goldman Sachs & Co. LLC toll-free at (866) 471-2526, Mizuho Securities USA LLC toll-free at (866) 271-7403, MUFG Securities Americas Inc. toll-free at (877) 649-6848 or U.S. Bancorp Investments, Inc. toll-free at (877) 558-2607.