Duke Energy Florida LLC on Dec. 12 completed the underwritten sale of $400 million 2.10% amortizing senior notes due Dec. 15, 2019.
The Duke Energy Corp. subsidiary will pay the interest quarterly March 15, June 15, Sept. 15 and Dec. 15, starting March 15, 2018, according to an SEC filing. 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.
The company plans to use the proceeds to fund the restoration costs related to Hurricane Irma and for general company purposes.
Citigroup Global Markets Inc. and UBS Securities LLC acted as joint book-running managers. CastleOak Securities LP served as the sole co-manager.
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