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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/18/24 Duke Energy Progress, LLC. 424B1 1:1.6M Toppan Merrill/FA Duke Energy Progress SC Storm Funding LLC |
Document/Exhibit Description Pages Size 1: 424B1 Prospectus - Info Previously Omitted HTML 1.46M
tm243320-18_424b1 - none - 18.7657141s |
Tranche
|
| |
Expected
Weighted Average Life (Years) |
| |
Principal
Amount Offered |
| |
Scheduled
Final Payment Date |
| |
Final
Maturity Date |
| |
Interest
Rate |
| |
Initial
Price to Public(1) |
| |
Underwriting
Discounts and Commissions |
| |
Proceeds to
Issuing Entity (Before Expenses) |
| ||||||||||||||||||||||||
A-1 | | | | | 11.78 | | | | | $ | 177,365,000 | | | | | | 03/01/2044 | | | | | | 03/01/2046 | | | | | | 5.404% | | | | | | 99.99945% | | | | | | 0.40% | | | | | $ | 176,654,564 | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
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| | | | | 40 | | | |
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| | | | | 48 | | | |
| | | | | 51 | | | |
| | | | | 57 | | | |
| | | | | 58 | | | |
| | | | | 64 | | | |
| | | | | 88 | | | |
| | | | | 91 | | | |
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| | | | | 121 | | | |
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| | | | | 126 | | | |
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| | | | | 143 | | | |
| | | | | 144 | | | |
| | | | | 145 | | | |
| | | | | 146 | | |
| Name | | |
Age
|
| |
Title
|
| |
Background
|
|
|
Karl W. Newlin
|
| |
55
|
| | Manager | | |
Karl W. Newlin has been Senior Vice President Corporate Development at Duke Energy Corporation since June 2018 and has been its Treasurer since November 2018. Prior to that, Mr. Newlin was Senior Vice President and Chief Commercial Officer — Natural Gas effective with the merger of Duke Energy Corporation and Piedmont Natural Gas Company, Inc. (“Piedmont”) in October 2016. Mr. Newlin joined Piedmont in 2010 to manage its strategic planning functions, new business development activities and joint venture investments.
Mr. Newlin previously served as Managing Director, Investment Banking with Merrill Lynch & Co. in its New York and Los Angeles offices.
|
|
|
Cynthia S. Lee
|
| |
57
|
| | Manager | | | Manager Cynthia S. Lee was appointed Vice President, Chief Accounting Officer and Controller of Duke Energy Corporation, effective May 2021. Prior to that, Ms. Lee served as Director, Investor Relations since June 2019 and in various accounting roles since joining Duke Energy Corporation in 2002. | |
| Bernard J. Angelo | | |
54
|
| | Independent Manager | | | Mr. Angelo joined Global Securitization Service, LLC in April 1997 and has extensive experience in managing commercial paper and medium term note programs. In addition to his administrative skills, he has over twenty-six years of experience in both the | |
| | | | | | | | | |
business and legal side of structured finance. He has been elected to and serves on the board of directors for a number of securitization programs.
At Global Securitization, Mr. Angelo has been active in assisting clients and their legal counsel during the structuring phase of their transactions as well as assimilating bank sponsored commercial paper programs into the operating matrix at Global Securitization.
Prior to joining Global Securitization, Mr. Angelo was an Assistant Vice President at Bankers Trust Company from January 1993 to April 1997 where he was responsible for oversight of the treasury and accounting functions on the Corporate Trust side of structured transactions managed by the bank. He has a B.S. in Finance from Siena College.
|
|
|
Tranche
|
| |
Scheduled Final
Payment Date |
| |
Final Maturity
Date |
|
|
A-1
|
| |
03/01/2044
|
| |
03/01/2046
|
|
South Carolina Rate Class
|
| |
Allocation
Percentage |
| |||
Residential
|
| | | | 67.01% | | |
Small General Service
|
| | | | 9.72% | | |
Medium General Service
|
| | | | 12.60% | | |
Large General Service
|
| | | | 4.08% | | |
Lighting
|
| | | | 6.59% | | |
| | | | | 100.00% | | |
Name
|
| |
Age
|
| |
Title
|
| |
Background
|
|
Karl W. Newlin | | |
55
|
| | Manager | | | Karl W. Newlin has been Senior Vice President Corporate Development at Duke Energy Corporation since June 2018 and has been its Treasurer since November 2018. Prior to that, Mr. Newlin was Senior Vice President and Chief Commercial Officer — Natural Gas effective with the merger of Duke Energy Corporation and Piedmont Natural Gas Company, Inc. (“Piedmont”) in October 2016. Mr. Newlin joined Piedmont in 2010 to manage its strategic planning functions, new business development activities and joint venture investments. Mr. Newlin previously served as Managing Director, Investment Banking with Merrill Lynch & Co. in its New York and Los Angeles offices. | |
Cynthia S. Lee | | |
57
|
| | Manager | | | Cynthia S. Lee was appointed Vice President, Chief Accounting Officer and Controller of Duke Energy Corporation, effective May 2021. Prior to that, Ms. Lee served as Director, Investor Relations since June 2019 and in various accounting roles since joining Duke Energy Corporation in 2002. | |
Bernard J. Angelo | | |
54
|
| | Independent Manager | | | Mr. Angelo joined Global Securitization Service, LLC in April 1997 and has extensive experience in managing commercial paper and medium term note programs. In addition to his administrative skills, he has over twenty-six years of experience in both the business and legal side of structured finance. He has been elected to and serves on the board of directors for a number of securitization programs. | |
Name
|
| |
Age
|
| |
Title
|
| |
Background
|
|
| | | | | | | | |
At Global Securitization, Mr. Angelo has been active in assisting clients and their legal counsel during the structuring phase of their transactions as well as assimilating bank sponsored commercial paper programs into the operating matrix at Global Securitization.
Prior to joining Global Securitization, Mr. Angelo was an Assistant Vice President at Bankers Trust Company from January 1993 to April 1997 where he was responsible for oversight of the treasury and accounting functions on the Corporate Trust side of structured transactions managed by the bank. He has a B.S. in Finance from Siena College.
|
|
Customer Class
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
Residential
|
| | | $ | 251,562 | | | | | $ | 233,631 | | | | | $ | 236,889 | | | | | $ | 249,794 | | | | | $ | 276,693 | | |
Commercial
|
| | | | 179,955 | | | | | | 167,972 | | | | | | 170,477 | | | | | | 193,703 | | | | | | 198,684 | | |
Industrial
|
| | | | 130,298 | | | | | | 120,026 | | | | | | 106,975 | | | | | | 141,372 | | | | | | 131,008 | | |
Lighting
|
| | | | 18,291 | | | | | | 18,353 | | | | | | 17,714 | | | | | | 19,803 | | | | | | 21,245 | | |
Total*
|
| | | $ | 580,106 | | | | | $ | 539,982 | | | | | $ | 532,055 | | | | | $ | 604,672 | | | | | $ | 627,630 | | |
Customer Class
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
Residential
|
| | | | 139,675 | | | | | | 141,335 | | | | | | 144,426 | | | | | | 152,396 | | | | | | 153,987 | | |
Commercial
|
| | | | 31,963 | | | | | | 31,695 | | | | | | 31,940 | | | | | | 31,595 | | | | | | 32,113 | | |
Industrial
|
| | | | 63 | | | | | | 64 | | | | | | 63 | | | | | | 60 | | | | | | 61 | | |
Lighting
|
| | | | 737 | | | | | | 831 | | | | | | 826 | | | | | | 817 | | | | | | 826 | | |
Total
|
| | | | 172,438 | | | | | | 173,925 | | | | | | 177,255 | | | | | | 184,868 | | | | | | 186,987 | | |
Rate Class
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
Residential
|
| | | | 2,081 | | | | | | 1,978 | | | | | | 2,080 | | | | | | 2,042 | | | | | | 1,935 | | |
Commercial
|
| | | | 1,923 | | | | | | 1,768 | | | | | | 1,808 | | | | | | 1,855 | | | | | | 1,762 | | |
Industrial
|
| | | | 2,221 | | | | | | 2,108 | | | | | | 2,072 | | | | | | 2,188 | | | | | | 1,885 | | |
Lighting
|
| | | | 77 | | | | | | 76 | | | | | | 73 | | | | | | 72 | | | | | | 72 | | |
Total
|
| | | | 6,302 | | | | | | 5,930 | | | | | | 6,033 | | | | | | 6,157 | | | | | | 5,654 | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
Residential | | | | | | | |||||||||||||||||||||||||
Weather Adjusted
|
| | | | 18,009 | | | | | | 18,435 | | | | | | 18,807 | | | | | | 18,989 | | | | | | 18,518 | | |
Forecast
|
| | | | 18,016 | | | | | | 18,092 | | | | | | 18,303 | | | | | | 18,777 | | | | | | 19,192 | | |
Variance
|
| | | | 0.0% | | | | | | 1.9% | | | | | | 2.8% | | | | | | 1.1% | | | | | | -3.5% | | |
Commercial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weather Adjusted
|
| | | | 13,833 | | | | | | 12,930 | | | | | | 13,376 | | | | | | 13,636 | | | | | | 13,291 | | |
Forecast
|
| | | | 14,007 | | | | | | 13,963 | | | | | | 13,728 | | | | | | 13,931 | | | | | | 13,749 | | |
Variance
|
| | | | -1.2% | | | | | | -7.4% | | | | | | -2.6% | | | | | | -2.1% | | | | | | -3.3% | | |
Industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weather Adjusted
|
| | | | 11,882 | | | | | | 11,521 | | | | | | 11,268 | | | | | | 12,034 | | | | | | 11,049 | | |
Forecast
|
| | | | 11,971 | | | | | | 11,900 | | | | | | 11,746 | | | | | | 11,765 | | | | | | 11,512 | | |
Variance
|
| | | | -0.7% | | | | | | -3.2% | | | | | | -4.1% | | | | | | 2.3% | | | | | | -4.0% | | |
Lighting | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weather Adjusted
|
| | | | 77 | | | | | | 77 | | | | | | 140 | | | | | | 25 | | | | | | 86 | | |
Forecast
|
| | | | 72 | | | | | | 76 | | | | | | 76 | | | | | | 77 | | | | | | 78 | | |
Variance
|
| | | | 8.0% | | | | | | 1.4% | | | | | | 85.9% | | | | | | -67.1% | | | | | | 9.2% | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weather Adjusted
|
| | | | 43,801 | | | | | | 42,963 | | | | | | 43,592 | | | | | | 42,964 | | | | | | 42,944 | | |
Forecast
|
| | | | 44,065 | | | | | | 44,032 | | | | | | 43,852 | | | | | | 44,551 | | | | | | 44,531 | | |
Variance
|
| | | | -0.6% | | | | | | -2.4% | | | | | | -0.6% | | | | | | 0.3% | | | | | | -3.6% | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
Billed Electric Revenues ($ in millions)
|
| | | $ | 4,284 | | | | | $ | 4,016 | | | | | $ | 4,025 | | | | | $ | 4,582 | | | | | $ | 4,855 | | |
Net Write-offs ($ in millions)
|
| | | $ | 11 | | | | | $ | 8 | | | | | $ | 12 | | | | | $ | 35 | | | | | $ | 43 | | |
Percentage of Billed Retail Revenues(1)
|
| | | | 0.26% | | | | | | 0.20% | | | | | | 0.30% | | | | | | 0.76% | | | | | | 0.89% | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
Average number of days outstanding
|
| | | | 25 | | | | | | 29 | | | | | | 34 | | | | | | 40 | | | | | | 38 | | |
| | | | ||||||||||||||||||||||||||||
| | | | |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| ||||||||||||||||
Total accounts receivable aging (% of total outstanding) After: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
30 – 59 days
|
| | | | 11.4 | | | | | | 8.7 | | | | | | 13.4 | | | | | | 7.9 | | | | | | 9.4 | | |
60 – 89 days
|
| | | | 0.9 | | | | | | 1.3 | | | | | | 6.5 | | | | | | 4.3 | | | | | | 3.8 | | |
90+ days
|
| | | | 0.5 | | | | | | 1.0 | | | | | | 11.4 | | | | | | 14.0 | | | | | | 10.2 | | |
Total
|
| | |
|
12.8
|
| | | |
|
11.0
|
| | | |
|
31.3
|
| | | |
|
26.2
|
| | | |
|
23.4
|
| |
Tranche
|
| |
Expected
Weighted Average Life (Years) |
| |
Principal
Amount Offered |
| |
Scheduled
Final Payment Date |
| |
Final
Maturity Date |
| |
Interest
Rate |
| |||||||||||||||
A-1 | | | | | 11.78 | | | | | $ | 177,365,000 | | | | | | 03/01/2044 | | | | | | 03/01/2046 | | | | | | 5.404% | | |
Semi-Annual Payment Date
|
| |
Principal Payment
|
| |||
3/1/2025
|
| | | $ | 6,200,000 | | |
9/1/2025
|
| | | $ | 2,636,156 | | |
3/1/2026
|
| | | $ | 2,707,398 | | |
9/1/2026
|
| | | $ | 2,780,565 | | |
3/1/2027
|
| | | $ | 2,855,710 | | |
9/1/2027
|
| | | $ | 2,932,886 | | |
3/1/2028
|
| | | $ | 3,012,147 | | |
9/1/2028
|
| | | $ | 3,093,550 | | |
3/1/2029
|
| | | $ | 3,177,153 | | |
9/1/2029
|
| | | $ | 3,263,016 | | |
3/1/2030
|
| | | $ | 3,351,199 | | |
9/1/2030
|
| | | $ | 3,441,765 | | |
3/1/2031
|
| | | $ | 3,534,779 | | |
9/1/2031
|
| | | $ | 3,630,306 | | |
3/1/2032
|
| | | $ | 3,728,415 | | |
9/1/2032
|
| | | $ | 3,829,176 | | |
3/1/2033
|
| | | $ | 3,932,659 | | |
9/1/2033
|
| | | $ | 4,038,939 | | |
3/1/2034
|
| | | $ | 4,148,092 | | |
9/1/2034
|
| | | $ | 4,260,194 | | |
3/1/2035
|
| | | $ | 4,375,326 | | |
9/1/2035
|
| | | $ | 4,493,569 | | |
3/1/2036
|
| | | $ | 4,615,007 | | |
9/1/2036
|
| | | $ | 4,739,728 | | |
3/1/2037
|
| | | $ | 4,867,819 | | |
9/1/2037
|
| | | $ | 4,999,372 | | |
3/1/2038
|
| | | $ | 5,134,480 | | |
9/1/2038
|
| | | $ | 5,273,239 | | |
3/1/2039
|
| | | $ | 5,415,749 | | |
Semi-Annual Payment Date
|
| |
Principal Payment
|
| |||
9/1/2039
|
| | | $ | 5,562,109 | | |
3/1/2040
|
| | | $ | 5,712,425 | | |
9/1/2040
|
| | | $ | 5,866,803 | | |
3/1/2041
|
| | | $ | 6,025,354 | | |
9/1/2041
|
| | | $ | 6,188,189 | | |
3/1/2042
|
| | | $ | 6,355,425 | | |
9/1/2042
|
| | | $ | 6,527,180 | | |
3/1/2043
|
| | | $ | 6,703,577 | | |
9/1/2043
|
| | | $ | 6,884,741 | | |
3/1/2044
|
| | | $ | 7,070,802 | | |
Total Payments(1)
|
| | | $ | 177,365,000 | | |
Semi-Annual Payment Date
|
| |
Balance
|
| |||
Issuance Date
|
| | | $ | 177,365,000 | | |
3/1/2025
|
| | | $ | 171,165,000 | | |
9/1/2025
|
| | | $ | 168,528,844 | | |
3/1/2026
|
| | | $ | 165,821,446 | | |
9/1/2026
|
| | | $ | 163,040,881 | | |
3/1/2027
|
| | | $ | 160,185,171 | | |
9/1/2027
|
| | | $ | 157,252,285 | | |
3/1/2028
|
| | | $ | 154,240,138 | | |
9/1/2028
|
| | | $ | 151,146,588 | | |
3/1/2029
|
| | | $ | 147,969,434 | | |
9/1/2029
|
| | | $ | 144,706,418 | | |
3/1/2030
|
| | | $ | 141,355,219 | | |
9/1/2030
|
| | | $ | 137,913,454 | | |
3/1/2031
|
| | | $ | 134,378,675 | | |
9/1/2031
|
| | | $ | 130,748,369 | | |
3/1/2032
|
| | | $ | 127,019,954 | | |
9/1/2032
|
| | | $ | 123,190,778 | | |
3/1/2033
|
| | | $ | 119,258,119 | | |
9/1/2033
|
| | | $ | 115,219,180 | | |
3/1/2034
|
| | | $ | 111,071,088 | | |
9/1/2034
|
| | | $ | 106,810,894 | | |
Semi-Annual Payment Date
|
| |
Balance
|
| |||
3/1/2035
|
| | | $ | 102,435,569 | | |
9/1/2035
|
| | | $ | 97,942,000 | | |
3/1/2036
|
| | | $ | 93,326,993 | | |
9/1/2036
|
| | | $ | 88,587,265 | | |
3/1/2037
|
| | | $ | 83,719,446 | | |
9/1/2037
|
| | | $ | 78,720,074 | | |
3/1/2038
|
| | | $ | 73,585,594 | | |
9/1/2038
|
| | | $ | 68,312,354 | | |
3/1/2039
|
| | | $ | 62,896,606 | | |
9/1/2039
|
| | | $ | 57,334,497 | | |
3/1/2040
|
| | | $ | 51,622,072 | | |
9/1/2040
|
| | | $ | 45,755,268 | | |
3/1/2041
|
| | | $ | 39,729,914 | | |
9/1/2041
|
| | | $ | 33,541,725 | | |
3/1/2042
|
| | | $ | 27,186,300 | | |
9/1/2042
|
| | | $ | 20,659,120 | | |
3/1/2043
|
| | | $ | 13,955,543 | | |
9/1/2043
|
| | | $ | 7,070,802 | | |
3/1/2044
|
| | | $ | 0 | | |
| | | | | | | | |
Weighted Average Life Sensitivity
|
| |||||||||||||||||||||
| | |
Expected
Weighted Average Life (Years) |
| |
-5% (2.30 Standard
Deviations from Mean) |
| |
Change
(days)* |
| |
-15% (8.65 Standard
Deviations from Mean) |
| |
Change
(days)* |
| |||||||||||||||
Tranche
|
| |
WAL (yrs)
|
| |
WAL (yrs)
|
| ||||||||||||||||||||||||
A-1 | | | | | 11.78 | | | | | | 11.78 | | | | | | 0 | | | | | | 11.81 | | | | | | 11 | | |
Recipient
|
| |
Source of Payment
|
| |
Fees and Expenses Payable
|
|
Servicer
|
| | storm recovery charge collections and investment earnings | | | $88,683 per annum (so long as DEP is servicer), payable in installments on each payment date, plus reimbursable expenses | |
Indenture Trustee
|
| | storm recovery charge collections and investment earnings | | | $8,500 per annum, plus expenses and transaction charges, if applicable | |
Administrator
|
| | storm recovery charge collections and investment earnings | | | $50,000 per annum, payable annually, in arrears plus expenses | |
Independent Manager
|
| | storm recovery charge collections and investment earnings | | | $2,500 per annum plus expenses | |
DEP return on invested capital
|
| |
storm recovery charge collections and investment earnings |
| |
$45,410 per annum |
|
Underwriter
|
| |
Tranche A-1
|
| |||
Goldman Sachs & Co. LLC
|
| | | $ | 114,865,000 | | |
RBC Capital Markets, LLC
|
| | | $ | 62,500,000 | | |
Total
|
| | | $ | 177,365,000 | | |
| | |
Selling
Concession |
| |
Reallowance
Discount |
| ||||||
Tranche A-1
|
| | | | 0.24% | | | | | | 0.12% | | |
This ‘424B1’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/31/25 | ||||
3/1/25 | ||||
7/15/24 | ||||
4/25/24 | ||||
Filed on: | 4/18/24 | 8-K | ||
4/16/24 | 8-K, FWP | |||
4/1/24 | ||||
1/12/24 | ||||
12/31/23 | 10-K | |||
11/23/23 | ||||
10/23/23 | ||||
10/13/23 | ||||
9/30/23 | 10-Q | |||
6/17/22 | ||||
11/24/21 | 8-K, 8-K/A | |||
1/21/20 | ||||
12/31/19 | 10-K, 8-K | |||
1/1/19 | ||||
11/7/18 | ||||
6/15/18 | ||||
3/9/18 | ||||
10/22/14 | ||||
8/20/96 | ||||
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