Duke Energy 2013 Annual Report Download - page 151

133
PART II
DUKE ENERGY CORPORATION • DUKE ENERGY CAROLINAS, LLC • PROGRESS ENERGY, INC. •
DUKE ENERGY PROGRESS, INC. • DUKE ENERGY FLORIDA, INC. • DUKE ENERGY OHIO, INC. • DUKE ENERGY INDIANA, INC.
Combined Notes to Consolidated Financial Statements – (Continued)
December 31, 2012
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Duke
Energy
Ohio
Duke
Energy
Indiana
Tax exempt bonds $ 471 $ 75 $ 111 $ 285
Notes payable and commercial paper 450 300 — 150
Secured debt(a) 200 — — —
DERF(b) 300 300
Total $ 1,421 $ 675 $ 111 $ 435
(a) Instrument has a term of less than one year with the right to extend the maturity date for additional one-year periods with a nal maturity date no later than December 2026.
(b) Duke Energy Receivables Finance Company, LLC (DERF) is a wholly owned limited liability company of Duke Energy Carolinas. See Note 17 for further information.
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following tables summarize signicant debt issuances (in millions).
Year Ended December 31, 2013
Issuance Date Maturity Date
Interest
Rate
Duke
Energy
(Parent)
Duke
Energy
Progress
Duke
Energy
Ohio
Duke
Energy
Indiana
Duke
Energy
Unsecured Debt
January 2013(a) January 2073 5.125 % $ 500 $ — $ — $ — $ 500
June 2013(b) June 2018 2.100 % 500 — — — 500
August 2013(c)(d) August 2023 11.000 % — — — — 220
October 2013(e) October 2023 3.950 % 400 — — — 400
Secured Debt
February 2013(f)(g) December 2030 2.043 % — — — — 203
February 2013(f) June 2037 4.740 % — — — — 220
April 2013(h) April 2026 5.456 % — — — — 230
December 2013(i) December 2016 0.852 % — 300 — — 300
First Mortgage Bonds
March 2013(j) March 2043 4.100 % — 500 — — 500
July 2013(k) July 2043 4.900 % — — — 350 350
July 2013(k)(l) July 2016 0.619 % — — — 150 150
September 2013(m) September 2023 3.800 % — — 300 — 300
September 2013(m)(n) March 2015 0.400 % — — 150 — 150
Total Issuances $ 1,400 $ 800 $ 450 $ 500 $ 4,023
(a) Callable after January 2018 at par. Proceeds were used to redeem the $300 million 7.10% Cumulative Quarterly Income Preferred Securities (QUIPS) and to repay a portion of outstanding commercial paper and for general
corporate purposes. See Note 17 for additional information about the QUIPS.
(b) Proceeds were used to repay $250 million of current maturities and for general corporate purposes, including the repayment of outstanding commercial paper.
(c) Proceeds were used to repay $200 million of current maturities. The maturity date included above applies to half of the instrument. The remaining half matures in August 2018.
(d) The debt is oating rate based on a consumer price index and an overnight funds rate in Brazil. The debt is denominated in Brazilian Real.
(e) Proceeds were used to repay commercial paper as well as for general corporate purposes.
(f) Represents the conversion of construction loans related to a renewable energy project issued in December 2012 to term loans. No cash proceeds were received in conjunction with the conversion. The term loans have varying
maturity dates. The maturity date presented represents the latest date for all components of the respective loans.
(g) The debt is oating rate. Duke Energy has entered into a pay xed-receive oating interest rate swap for 95 percent of the loans.
(h) Represents the conversion of a $190 million bridge loan issued in conjunction with the acquisition of Ibener in December 2012. Duke Energy received incremental proceeds of $40 million upon conversion of the bridge loan.
The debt is oating rate and is denominated in U.S. dollars. Duke Energy has entered into a pay xed-receive oating interest rate swap for 75 percent of the loan.
(i) Relates to the securitization of accounts receivable at a subsidiary of Duke Energy Progress; the proceeds were used to repay short-term debt. See Note 17 for further details.
(j) Proceeds were used to repay notes payable to afliated companies as well as for general corporate purposes.
(k) Proceeds were used to repay $400 million of current maturities.
(l) The debt is oating rate based on 3-month London Interbank Offered Rate (LIBOR) and a xed credit spread of 35 basis points.
(m) Proceeds were used for general corporate purposes including the repayment of short-term notes payable, a portion of which was incurred to fund the retirement of $250 million of rst mortgage bonds that matured in the rst
half of 2013.
(n) The debt is oating rate based on 3-month LIBOR plus a xed spread of 14 basis points.