Duke Energy 2013 Annual Report Download - page 152

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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)
Year Ended December 31, 2012
Issuance Date Maturity Date
Interest
Rate
Duke
Energy
(Parent)
Duke
Energy
Carolinas
Progress
Energy
(Parent)
Duke
Energy
Progress
Duke
Energy
Florida
Duke
Energy
Indiana
Duke
Energy
Unsecured Debt
March 2012(a) April 2022 3.15 % $ — $ — $ 450 $ — $ — $ — $ 450
August 2012(b) August 2017 1.63 % 700 ————— 700
August 2012(b) August 2022 3.05 % 500 ————— 500
Secured Debt
April 2012(c) September 2024 2.64 % 330 ————— 330
December 2012(d) March 2013 2.77 % 203 ————— 203
December 2012(d) March 2013 4.74 % 220 ————— 220
December 2012(e) June 2013 1.01 % 190 ————— 190
December 2012(e) December 2025 1.56 % 200 ————— 200
First Mortgage Bonds
March 2012(f) March 2042 4.20 % — — — — — 250 250
May 2012(g) May 2022 2.80 % — — — 500 — — 500
May 2012(g) May 2042 4.10 % — — — 500 — — 500
September 2012(h) September 2042 4.00 % — 650 ———— 650
November 2012(i) November 2015 0.65 % — — — — 250 — 250
November 2012(i) November 2042 3.85 % — — — — 400 — 400
Total Issuances $ 2,343 $ 650 $ 450 $ 1,000 $ 650 $ 250 $ 5,343
(a) Proceeds were used to repay current maturities of $450 million.
(b) Proceeds were used to repay current maturities of $500 million, as well as for general corporate purposes, including the repayment of commercial paper.
(c) Proceeds were used to reimburse construction costs for DS Cornerstone, LLC joint venture wind projects. Debt was subsequently deconsolidated upon execution of a joint venture. See Note 17 for further details.
(d) Proceeds were used to fund the existing Los Vientos wind power portfolio.
(e) Debt issuances were executed in connection with the acquisition of Ibener. Both loans were collateralized with cash deposits equal to 101 percent of the loan amounts. See Note 2 for further details.
(f) Proceeds were used to repay a portion of outstanding short-term debt.
(g) Proceeds were used to repay current maturities of $500 million, a portion of outstanding commercial paper and notes payable to afliated companies.
(h) Proceeds were used to repay current maturities of $420 million, as well as for general corporate purposes, including the funding of capital expenditures.
(i) Proceeds will be used to repay current maturities of $425 million, as well as for general corporate purposes.
AVAILABLE CREDIT FACILITIES
Duke Energy has a master credit facility with a capacity of $6 billion
through December 2018. The Subsidiary Registrants, excluding Progress Energy
each have borrowing capacity under the master credit facility up to specied
sublimits 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 the 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 the
master credit facility.
December 31, 2013
(in millions)
Duke
Energy
Duke
Energy
(Parent)
Duke
Energy
Carolinas
Duke
Energy
Progress
Duke
Energy
Florida
Duke
Energy
Ohio
Duke
Energy
Indiana
Facility size(a) $ 6,000 $ 2,250 $ 1,000 $ 750 $ 650 $ 650 $ 700
Reduction to backstop issuances
Notes payable and commercial paper(b) (450) — (300) — — — (150)
Outstanding letters of credit (62) (55) (4) (2) (1) — —
Tax-exempt bonds (240) — (75) — — (84) (81)
Available capacity $ 5,248 $ 2,195 $ 621 $ 748 $ 649 $ 566 $ 469
(a) Represents the sublimit of each borrower at December 31, 2013. The Duke Energy Ohio sublimit includes $100 million for Duke Energy Kentucky.
(b) Duke Energy issued $450 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas and Duke Energy Indiana. The balances are classied as long-term borrowings within
Long-term Debt in Duke Energy Carolinas’ and Duke Energy Indiana’s Condensed Consolidated Balance Sheets.