Debt and Credit Facilities

3 Months Ended

Mar. 31, 2021

DEBT AND CREDIT FACILITIES

SUMMARY OF SIGNIFICANT DEBT ISSUANCES

The following table summarizes significant debt issuances (in millions).


				Three Months Ended March 31, 2021
						Duke		Duke		Duke		Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana		Piedmont
Unsecured Debt
March 2021(a)	Mar 2031	2.500	%	$	350	$	—	$	—	$	—	$	—	$	—	$	—	$	350












Total issuances				$	350	$	—	$	—	$	—	$	—	$	—	$	—	$	350

(a)Debt issued to repay at maturity $160 million senior unsecured notes due June 2021, pay down short-term debt and for general corporate purposes.

In March 2021, Duke Energy Carolinas priced $1 billion of First Mortgage Bonds. The issuance and sale of securities settled in April 2021, in two separate tranches. The first tranche was issued for $550 million at a fixed interest rate of 2.55% and mature in April 2031. The second tranche was issued for $450 million at a fixed interest rate of 3.45% and mature in April 2051. Proceeds from the issuance will be used to repay at maturity $500 million of 3.90% First Mortgage Bonds due June 2021, pay down intercompany short-term debt and for general company purposes.

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 Date	Interest Rate			March 31, 2021
Unsecured Debt
Duke Energy (Parent)	May 2021	0.698	%	(a)	500
Piedmont	June 2021	4.240	%		160
Duke Energy (Parent)	September 2021	3.550	%		500
Duke Energy (Parent)	September 2021	1.800	%		750
Duke Energy Florida	November 2021	0.441	%	(a)	200
Duke Energy Progress	February 2022	0.369	%	(a)	700
Duke Energy (Parent)	March 2022	3.227	%		300
Duke Energy (Parent)	March 2022	0.827	%	(a)	300


First Mortgage Bonds
Duke Energy Carolinas	June 2021	3.900	%		500
Duke Energy Florida	August 2021	3.100	%		300
Duke Energy Progress	September 2021	3.000	%		500
Duke Energy Progress	September 2021	8.625	%		100
Duke Energy Indiana	January 2022	8.850	%		53
Other(b)					723
Current maturities of long-term debt					$	5,586

(a) Debt has a floating interest rate.

(b) 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 2021, Duke Energy amended its existing $8 billion Master Credit Facility to extend the termination date to March 2026. 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.


	March 31, 2021
			Duke		Duke		Duke		Duke		Duke		Duke
	Duke		Energy		Energy		Energy		Energy		Energy		Energy
(in millions)	Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana		Piedmont
Facility size(a)	$	8,000	$	2,650	$	1,475	$	1,250	$	700	$	625	$	600	$	700
Reduction to backstop issuances
Commercial paper(b)	(3,466)		(1,781)		(741)		(292)		(243)		(259)		(150)		—
Outstanding letters of credit	(31)		(25)		(4)		(2)		—		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—

Available capacity under the Master Credit Facility	$	4,422	$	844	$	730	$	956	$	457	$	366	$	369	$	700

(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


	March 31, 2021
(in millions)	Facility size		Amount drawn
Duke Energy (Parent) Three-Year Revolving Credit Facility(a)	$	1,000	$	500

(a)During March 2021, Duke Energy extended the maturity date of the Three-Year Revolving Credit Facility from May 2022, to May 2024.