Duke Energy 2014 Annual Report Download - page 160

140
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)
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following tables summarize signifi cant debt issuances (in millions).
Year Ended December 31, 2014
Issuance Date Maturity Date
Interest
Rate
Duke
Energy
(Parent)
Duke
Energy
Progress
Duke
Energy
Florida
Duke
Energy
Unsecured Debt
April 2014(a) April 2024 3.750% $ 600 $ — $ — $ 600
April 2014(a)(b) April 2017 0.613% 400 — — 400
June 2014(c) May 2019 11.970% — — — 108
June 2014(c) May 2021 13.680% — — — 110
Secured Debt
March 2014(d) March 2017 0.863% — — 225 225
July 2014(e) July 2036 5.340% — — — 129
First Mortgage Bonds
March 2014(f) March 2044 4.375% — 400 — 400
March 2014(f)(g) March 2017 0.435% — 250 — 250
November 2014(h) December 2044 4.150% — 500 — 500
November 2014(g)(h) November 2017 0.432% — 200 — 200
Total issuances $ 1,000 $ 1,350 $ 225 $ 2,922
(a) Proceeds were used to redeem $402 million of tax-exempt bonds at Duke Energy Ohio, the repayment of outstanding commercial paper and for general corporate purposes. See Note 13 for additional information related to the
redemption of Duke Energy Ohio’s tax-exempt bonds.
(b) The debt is fl oating rate based on three-month London Interbank Offered Rate (LIBOR) plus a fi xed credit spread of 38 basis points.
(c) Proceeds were used to repay $196 million of debt for International Energy and for general corporate purposes.
(d) Relates to the securitization of accounts receivable at a subsidiary of Duke Energy Florida. Proceeds were used to repay short-term borrowings under the intercompany money pool borrowing arrangement and for general
corporate purposes. See Note 17 for further details.
(e) Proceeds were used to fund a portion of Duke Energy’s prior investment in the existing Wind Star renewables portfolio.
(f) Proceeds were used to repay short-term borrowings under the intercompany money pool borrowing arrangement and for general corporate purposes.
(g) The debt is fl oating rate based on three-month LIBOR plus a fi xed credit spread of 20 basis points.
(h) Proceeds will be used to redeem $450 million of tax-exempt bonds, repay short-term borrowings under the intercompany money pool borrowing arrangement and for general corporate purposes.