Duke Energy Progress, LLC’s $450 Million Bond Offering

Hunton & Williams LLP advised Duke Energy Progress, LLC (the “Company”) on an SEC-registered offering of $450 million aggregate principal amount of first mortgage bonds, 3.70% Series due 2046.

The Company, an indirect wholly owned subsidiary of Duke Energy Corporation, generates, transmits, distributes and sells electricity in portions of North Carolina and South Carolina. The Company’s service area covers approximately 32,000 square miles and supplies electric service to 1.5 million residential, commercial and industrial customers. As of December 31, 2015, the Company’s asset portfolio included approximately 12,915 megawatts of owned generation capacity, 67,800 miles of distribution lines and 6,300 miles of transmission lines.

The Hunton & Williams team included Pete O’Brien, Christina Kwon and Andrew Spector. Cary Tolley and Anna Page provided tax advice.