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Duke Energy Florida sells $400M in notes to fund storm restoration costs

Duke Energy Corp. subsidiary Duke Energy Florida LLC sold $400 million of its 2.10% amortizing senior notes due Dec. 15, 2019, to fund storm restoration costs related to Hurricane Irma and for general company purposes.

Interest is payable quarterly March 15, June 15, Sept. 15 and Dec. 15, starting March 15, 2018. The notes have a spread to benchmark Treasury of 29.4 basis points. The issue was expected to be rated A3 by Moody's and A- by S&P Global Ratings, according to a Dec. 7 free writing prospectus.

Citigroup Global Markets Inc. and UBS Securities LLC acted as joint book-running managers. CastleOak Securities LP served as the sole co-manager.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.