Duke Energy Progress, LLC’s $800 Million Bond Offering

Hunton & Williams LLP advised Duke Energy Progress, LLC (the “Company”) on an SEC-registered offering of $300 million aggregate principal amount of first mortgage bonds, Floating Rate Series due 2020 and $500 million aggregate principal amount of first mortgage bonds, 3.60% Series due 2047.

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, 2016, the Company’s asset portfolio included approximately 12,935 megawatts of owned generation capacity, 69,600 miles of distribution lines and 6,300 miles of transmission lines.

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