0001669374-20-000004.txt : 20200306 0001669374-20-000004.hdr.sgml : 20200306 20200306102717 ACCESSION NUMBER: 0001669374-20-000004 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200301 0000037637 0000037637 FILED AS OF DATE: 20200306 DATE AS OF CHANGE: 20200306 ABS ASSET CLASS: Debt Securities FILER: COMPANY DATA: COMPANY CONFORMED NAME: Duke Energy Florida Project Finance, LLC CENTRAL INDEX KEY: 0001669374 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 810977581 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-209196-01 FILM NUMBER: 20693037 BUSINESS ADDRESS: STREET 1: 299 FIRST AVENUE NORTH CITY: ST. PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 704-382-3853 MAIL ADDRESS: STREET 1: 299 FIRST AVENUE NORTH CITY: ST. PETERSBURG STATE: FL ZIP: 33701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DUKE ENERGY FLORIDA, LLC. CENTRAL INDEX KEY: 0000037637 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 590247770 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 001-03274 FILM NUMBER: 20693036 BUSINESS ADDRESS: STREET 1: 100 CENTRAL AVENUE CITY: ST. PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 7278205151 MAIL ADDRESS: STREET 1: 100 CENTRAL AVENUE CITY: ST. PETERSBURG STATE: FL ZIP: 33701 FORMER COMPANY: FORMER CONFORMED NAME: DUKE ENERGY FLORIDA, INC. DATE OF NAME CHANGE: 20130514 FORMER COMPANY: FORMER CONFORMED NAME: FLORIDA POWER CORP DATE OF NAME CHANGE: 20060629 FORMER COMPANY: FORMER CONFORMED NAME: FLORIDA POWER CORP / DATE OF NAME CHANGE: 19950829 10-D 1 defpf-20200301x10d.htm FORM 10-D Document



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the semi-annual distribution period from
September 1, 2019 to February 29, 2020

Commission File Number
 
Registrant; State of Incorporation; Address; and Telephone Number
 
IRS Employer Identification No.
333-209196-01
 
DUKE ENERGY FLORIDA PROJECT FINANCE, LLC
 
81-0977581
 
 
(Delaware)
 
 
 
 
299 First Avenue North, St. Petersburg, Florida 33701
 
 
 
 
704-382-3853
 
 
 
 
 
 
 
1-03274
 
DUKE ENERGY FLORIDA, LLC
 
59-0247770
 
 
(Depositor and Sponsor)
 
 
 
 
(Florida)
 
 
 
 
299 First Avenue North, St. Petersburg, Florida 33701
 
 
 
 
704-382-3853
 
 
Registered/reporting pursuant to (check one)
 
 
 
 
 
 
 
 
Name of exchange
Title of class
 
Section 12(b)
 
Section 12(g)
 
Section 15(d)
 
(If Section 12(b))
Series A 2018 Senior Secured Bonds
 
o
 
o
 
þ
 
 
Series A 2021 Senior Secured Bonds
 
o
 
o
 
þ
 
 
Series A 2026 Senior Secured Bonds
 
o
 
o
 
þ
 
 
Series A 2032 Senior Secured Bonds
 
o
 
o
 
þ
 
 
Series A 2035 Senior Secured Bonds
 
o
 
o
 
þ
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ No o




PART I – DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
The response to Item 1 is set forth in part herein and in part in Exhibit 99.1.
The record date for distributions described in Exhibit 99.1 is February 29, 2020.
Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus dated June 15, 2016, of Duke Energy Florida Project Finance, LLC (Issuing Entity) relating to the Series A Senior Secured Bonds (Bonds) filed with the Securities and Exchange Commission pursuant to Rule 424(b)(1) of the Securities Act of 1933 on June 17, 2016.
As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the Bonds have been made with respect to the March 2, 2020, distribution date.
The following Items have been omitted pursuant to General Instruction C of Form 10-D:
•
Item 1A. Asset-Level Information.
•
Item 1B. Asset Representations Reviewer and Investor Communication.
PART II – OTHER INFORMATION
Item 2. Legal Proceedings.
None.
Item 3. Sale of Securities and Use of Proceeds.
None.
The following Items have been omitted pursuant to General Instruction C of Form 10-D:
•
Item 4. Defaults Upon Senior Securities.
•
Item 5. Submission of Matters to a Vote of Security Holders.
•
Item 6. Significant Obligors of Pool Assets.
•
Item 7. Change in Sponsor Interest in the Securities.
•
Item 8. Significant Enhancement Provider Information.
Item 9. Other Information.
None.
Item 10. Exhibits.
(a) and (b) See Exhibit Index included as the last part of this report, which is incorporated herein by reference.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date:
March 6, 2020
DUKE ENERGY FLORIDA PROJECT FINANCE, LLC
 
 
(Issuing Entity)
 
 
 
 
 
By: Duke Energy Florida, LLC, as Servicer
 
 
 
 
 
 
 
By:
/s/ Dwight L. Jacobs
 
 
Dwight L. Jacobs
 
 
Senior Vice President, Chief Accounting Officer, Tax and Controller




EXHIBIT INDEX
Exhibits filed herewithin are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated.
Exhibit No.
 
Description
3.1
 
3.2
 
4.1
 
10.1
 
10.2
 
10.3
 
*99.1
 


 EX-99.1 2 defpf-20200301xexhibit991.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1

SEMI-ANNUAL SERVICER’S CERTIFICATE
Pursuant to Section 4.01(c)(ii) of the Nuclear Asset-Recovery Property Servicing Agreement, dated as of June 22, 2016 (Servicing Agreement), by and between DUKE ENERGY FLORIDA, LLC, as servicer (Servicer), and Duke Energy Florida Project Finance, LLC, the Servicer does hereby certify, for the March 2, 2020, Payment Date (Current Payment Date), as follows:
Capitalized terms used but not defined herein have their respective meanings as set forth in the Servicing Agreement. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.
Collection Periods: September 1, 2019 to February 29, 2020
Payment Date: March 2, 2020
1.
Collections Allocable and Aggregate Amounts Available for the Current Payment Date:
i.
Remittances for the
September 2019
Collection Period
$
8,511,161.29

ii.
Remittances for the
October 2019
Collection Period
9,127,299.41

iii.
Remittances for the
November 2019
Collection Period
8,233,707.94

iv..
Remittances for the
December 2019
Collection Period
5,822,290.54

v.
Remittances for the
January 2020
Collection Period
5,662,201.01

vi.
Remittances for the
February 2020
Collection Period
5,484,548.18

vii.
 

 
 
viii.
 

 
 
ix.
Investment Earnings on Capital Subaccount
54,942.18

x.
Investment Earnings on Excess Funds Subaccount
6,790.84

xi.
Investment Earnings on General Subaccount
201,147.99

xii.
General Subaccount Balance (sum of i through xi above)
$
43,104,089.38

xiii.
Excess Funds Subaccount Balance as of prior Payment Date
1,022,990.12

xiv.
Capital Subaccount Balance as of prior Payment Date
6,471,450.00

xv.
Collection Account Balance (sum of xii through xiv above)
$
50,598,529.50


2.     Outstanding Amounts as of prior Payment Date:
i.
Series A
2018
 
Outstanding Amount
$
12,697,061.00

ii.
Series A
2021
 
Outstanding Amount
150,000,000.00

iii.
Series A
2026
 
Outstanding Amount
436,000,000.00

iv.
Series A
2032
 
Outstanding Amount
250,000,000.00

v.
Series A
2035
 
Outstanding Amount
275,290,000.00

vi.
Aggregate Outstanding Amount of all Series A Bonds
$
1,123,987,061.00

3.     Required Funding/Payments as of Current Payment Date:
 
Principal
 
 
 
Principal Due
i.
Series A
2018
 
 
$
12,697,061.00

ii.
Series A
2021
 
 
16,278,042.00

iii.
Series A
2026
 
 
—

iv.
Series A
2032
 
 
—

v.
Series A
2035
 
 
—

vi.
All Series A Bonds
$
28,975,103.00



Exhibit 99.1

 
Interest
 
 
 
 
 
 
 
 
 
 
 
WAL
 
 
 
Interest Rate
 
Days in Interest Period
 
Principal Balance
 
Interest Due
v.
Series A
2018
 
 
1.196
%
 
180

 
$
12,697,061.00

 
$
75,928.00

vi.
Series A
2021
 
 
1.731
%
 
180

 
150,000,000.00

 
1,298,250.00

vii.
Series A
2026
 
 
2.538
%
 
180

 
436,000,000.00

 
5,532,840.00

viii.
Series A
2032
 
 
2.858
%
 
180

 
250,000,000.00

 
3,572,500.00

ix.
Series A
2035
 
 
3.112
%
 
180

 
275,290,000.00

 
4,283,512.40

 
 
 
 
 
 
 
 
 
 
 
 
x.
All Series A Bonds
 
$
14,763,030.40

 
 
 
 
 
 
 
 
 
Required Level
 
Funding Required
xi.
Capital Account
 
 
 
 
 
$
6,471,450.00

 
$
—

4.     Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:
i.
Trustee Fees and Expenses; Indemnity Amounts
$
—

ii.
Servicing Fee
323,572.50

iii.
Administration Fee
25,000.02

iv.
Operating Expenses
36,703.08

 
 
 
 
 
 
 
 
Series A Bonds
Aggregate
Per $1,000 of Original Principal Amount
 
v.
Semi-Annual Interest (including any past-due for prior periods)
 
$
14,763,030.40

1.
Series A
2018
 
 
$
75,928.00

$
0.41

 
2.
Series A
2021
 
 
1,298,250.00

8.66

 
3.
Series A
2026
 
 
5,532,840.00

12.69

 
4.
Series A
2032
 
 
3,572,500.00

14.29

 
5.
Series A
2035
 
 
4,283,512.40

15.56

 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
vi.
Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date
$
—

1.
Series A
2018
 
 
$
—

$
—

 
2.
Series A
2021
 
 
—

—

 
3.
Series A
2026
 
 
—

—

 
4.
Series A
2032
 
 
—

—

 
5.
Series A
2035
 
 
—

—

 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
vii.
Semi-Annual Principal
$
28,975,103.00

1.
Series A
2018
 
 
$
12,697,061.00

$
69.38

 
2.
Series A
2021
 
 
16,278,042.00

108.52

 
3.
Series A
2026
 
 
—

 
 
4.
Series A
2032
 
 
—

 
 
5.
Series A
2035
 
 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
viii.
Other unpaid Operating Expenses
$
—

ix.
Funding of Capital Subaccount (to required level)
(97,025.50
)
x.
Capital Subaccount Return to Duke Energy Florida
100,696.00

xi.
Withdrawals from Excess Funds Subaccount
(1,022,990.12
)
xii.
Released to Issuer upon Retirement of all Series Bonds
—

xiii.
Aggregate Remittances as of Current Payment Date
$
43,104,089.38



Exhibit 99.1

5.
Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):
i.
Series A
2018
 
 
$
—

ii.
Series A
2021
 
 
133,721,958.00

iii.
Series A
2026
 
 
436,000,000.00

iv.
Series A
2032
 
 
250,000,000.00

v.
Series A
2035
 
 
275,290,000.00

vi.
Aggregate Outstanding Amount of all Series A Bonds
$
1,095,011,958.00

vii.
Excess Funds Subaccount Balance
—

viii.
Capital Subaccount Balances
6,374,424.50

ix.
Aggregate Collection Account Balance
$
6,374,424.50

6.    Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture):
i.
Excess Funds Subaccount
 
 
$
1,022,990.12

ii.
Capital Subaccount
 
 
97,025.50

iii.
Total Withdrawals
 
 
$
1,120,015.62

7.    Shortfalls in Interest and Principal Payments as of Current Payment Date:
i.
Semi-annual Interest
 
 
 
Series A
2018
 
 
$
—

 
Series A
2021
 
 
—

 
Series A
2026
 
 
—

 
Series A
2032
 
 
—

 
Series A
2035
 
 
—

 
Total
 
 
 
$
—

ii.
Semi-annual Principal
 
 
Series A
2018
 
 
$
—

 
Series A
2021
 
 
—

 
Series A
2026
 
 
—

 
Series A
2032
 
 
—

 
Series A
2035
 
 
—

 
Total
 
 
 
$
—

8.    Shortfalls in Payment of Return on Invested Capital as of Current Payment Date:
i.
Return on Invested Capital
$
—

9.    Shortfalls in Required Subaccount Levels as of Current Payment Date:
i.
Capital Subaccount
$
97,025.50



Exhibit 99.1

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate.
Date:
February 21, 2020
DUKE ENERGY FLORIDA, LLC,
 
 
as Servicer
 
 
 
 
 
 
 
By:
/s/ Michael O'Keeffe
 
 
Michael O'Keeffe
 
 
Director, Electric Utilities and Infrastructure