Obligation Duval Energy Florida 5.8% ( US341099CG26 ) en USD

Duval Energy Florida

100 % ⇌

Etas-Unis

US341099CG26 ( en USD )

5.8% par an ( paiement semestriel )

15/09/2017 - Obligation échue

Prospectus brochure de l'obligation Duke Energy Florida US341099CG26 en USD 5.8%, échue

2 000 USD

250 000 000 USD

341099CG2

A ( Qualité moyenne supérieure )

A1 ( Qualité moyenne supérieure )

Duke Energy Florida est une filiale de Duke Energy qui fournit de l'électricité à environ 2 millions de clients dans une zone couvrant la majeure partie de la Floride centrale et du sud-ouest de la Floride.

L'obligation Duke Energy Florida (ISIN : US341099CG26, CUSIP : 341099CG2), émise aux États-Unis pour un montant total de 250 000 000 USD avec un prix actuel de 100%, un taux d'intérêt de 5,8%, une taille minimale d'achat de 2 000 USD, une maturité le 15/09/2017, une fréquence de paiement semestrielle, notée A par Standard & Poor's et A1 par Moody's, est arrivée à maturité et a été remboursée.

Florida Power Corporation dba Progress Energy Flor
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424B2 1 g09150b2e424b2.htm FLORIDA POWER CORPORATION DBA
PROGRESS ENERGY FLORIDA, INC.
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Filed Pursuant to Rule 424(b)(2)
Registration No. 333-126967
Prospectus Supplement
(To Prospectus dated December 23, 2005)

$750,000,000
Florida Power Corporation d/b/a
Progress Energy Florida, Inc.
First Mortgage Bonds
$250,000,000 5.80% Series due 2017
$500,000,000 6.35% Series due 2037
The 2017 bonds will mature on September 15, 2017, and the 2037 bonds will mature on September 15, 2037. We will
pay interest on the bonds of each series on March 15 and September 15 of each year, beginning March 15, 2008. The bonds
of each series will be issued only in denominations of $2,000 and integral multiples of $1,000 above that amount. We may
redeem some or all of the bonds of each series at any time at the make-whole redemption price for that series as described in
this prospectus supplement. See "Description of Bonds -- Redemption -- Optional Redemption." There is no sinking fund
for either series of the bonds. The bonds are not obligations of, nor guaranteed by, Progress Energy, Inc., our corporate
parent.
The bonds of each series are secured by the lien of our mortgage and rank equally with all of our other first mortgage
bonds from time to time outstanding. The lien of our mortgage is discussed under "Description of First Mortgage Bonds --
Ranking and Security" on page 9 of the accompanying prospectus.
We do not intend to list the bonds of either series on any securities exchange or to include them in any automated
quotation system.
Investing in our bonds involves risks. See "Risk Factors" on page S-6 of this prospectus
supplement and the Risk Factors section of our most recent Annual Report on Form 10-K.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of the bonds or determined that this prospectus supplement or the accompanying prospectus is accurate
or complete. Any representation to the contrary is a criminal offense.

Public Offering
Underwriting

Proceeds to Us

Price
Discount

Before Expenses

Per 2017 Bond
99.731%
0.650%

99.081%
2017 Bond Total
$ 249,327,500
$ 1,625,000
$ 247,702,500
Per 2037 Bond
99.868%
0.875%

98.993%
2037 Bond Total
$ 499,340,000
$ 4,375,000
$ 494,965,000

Total
$ 748,667,500
$ 6,000,000
$ 742,667,500
The public offering price set forth above does not include accrued interest, if any. Interest on the bonds of each series will
accrue from their issue date and must be paid by the purchasers if the bonds are delivered after that date.
The bonds of each series are expected to be delivered in global form through the book-entry delivery system of The
Depository Trust Company, including for the accounts of Euroclear Bank S.A./N.V., as operator of the Euroclear System,
and Clearstream Banking société anonyme, against payment in New York, New York on or about September 18, 2007.
Joint Book-Running Managers
Banc of America Securities LLC
RBS Greenwich Capital
Barclays Capital
Deutsche Bank Securities
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Co-Managers
Goldman, Sachs & Co.
Lazard Capital Markets
The Williams Capital Group,
L.P.
The date of this prospectus supplement is September 13, 2007
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TABLE OF CONTENTS

Page

Prospectus Summary
About This Prospectus Supplement
ii
Safe Harbor for Forward-Looking Statements
S-1
Prospectus Supplement Summary
S-2
Risk Factors
S-6
Capitalization and Short-Term Debt
S-6
Use of Proceeds
S-7
Description of Bonds
S-8
Material U.S. Federal Tax Considerations
S-13
Underwriting
S-18
Experts
S-20
Legal Matters
S-20
Documents Incorporated by Reference
S-20

Prospectus
About This Prospectus
2
Our Company
2
Use of Proceeds
2
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
2
Where You Can Find More Information
3
Documents Incorporated by Reference
3
Safe Harbor for Forward-Looking Statements
4
Risk Factors
6
Description of First Mortgage Bonds
7
Description of Debt Securities
12
Description of Preferred Stock
22
Global Securities
27
Plan of Distribution
28
Experts
29
Legal Matters
29
i
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ABOUT THIS PROSPECTUS SUPPLEMENT
This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of the
bonds we are offering and certain other matters relating to us and our financial condition. The second part, the base
prospectus, provides more general information about the securities that we may offer from time to time, some of which may
not apply to the bonds we are offering hereby. Generally, when we refer to the prospectus, we are referring to both parts of
this document combined. If the description of the bonds varies between this prospectus supplement and the accompanying
prospectus, you should rely on the information in this prospectus supplement.
You should rely only on the information contained in this document or to which this document refers you or that is
contained in any free writing prospectus relating to the bonds. We have not, and the underwriters have not, authorized anyone
to provide you with different information. If anyone provides you with different or inconsistent information, you should not
rely on it. We are not making an offer of the bonds in any jurisdiction where an offer or sale of them is not permitted. The
information in this document may only be accurate as of the date of this document. Our business, financial condition, results
of operations and prospects may have changed since that date.
Unless we have indicated otherwise, or the context otherwise requires, references in this prospectus supplement to
"Florida Power," "Progress Energy Florida," "we," "us," and "our," or similar terms, are to Florida Power Corporation d/b/a
Progress Energy Florida, Inc. In this prospectus supplement, references to "2017 bonds" are to the 5.80% First Mortgage
Bonds due September 15, 2017, and references to "2037 bonds" are to the 6.35% First Mortgage Bonds due September 15,
2037. References in this prospectus supplement to "bonds" are to the 2017 bonds and the 2037 bonds, collectively.
ii
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SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
We have included in this document, and in the documents incorporated by reference into this document, "forward-looking
statements," as defined by the Private Securities Litigation Reform Act of 1995. We have used the words or phrases such as
"anticipate," "will likely result," "will continue," "intend," "may," "expect," "believe," "plan," "will," "estimate," "should"
and variations of such words and similar expressions in this prospectus and in the documents incorporated by reference to
identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals,
objectives, forecasts, assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from
those expressed in such forward-looking statements. All such factors are difficult to predict, contain uncertainties that may
materially affect actual results, and may be beyond our control. Many, but not all of the factors that may impact actual results
are discussed under the heading "Safe Harbor For Forward-Looking Statements" in the accompanying prospectus and under
"Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2006, which is incorporated by
reference into this document, and under the "Risk Factors" section contained in this prospectus supplement. You should
carefully read these sections. New factors emerge from time to time, and it is not possible for our management to predict all
of such factors or to assess the effect of each such factor on our business.
Any forward-looking statement speaks only as of the date on which it is made; and, except to fulfill our obligations under
the United States securities laws, we undertake no obligation to update any such statement to reflect events or circumstances
after the date on which it is made.
S-1
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PROSPECTUS SUPPLEMENT SUMMARY
The following summary is qualified in its entirety by the more detailed information appearing elsewhere in this
prospectus supplement, the accompanying prospectus, the financial statements and other documents incorporated by
reference and any related free writing prospectus. You should carefully read the "Risk Factors" sections that are
contained in this prospectus supplement, the accompanying prospectus and in our Form 10-K for the year ended
December 31, 2006, which is incorporated by reference into this document, to determine whether an investment in our
bonds is appropriate for you.
Progress Energy Florida
We are a regulated public utility engaged in the generation, transmission, distribution and sale of electricity within
an approximately 20,000 square mile service area. Our service area includes the cities of St. Petersburg and Clearwater,
as well as the central Florida area surrounding Orlando.
At June 30, 2007, we billed approximately 1.6 million customers. For the six months ended June 30, 2007,
approximately 51% of our electric revenues were derived from residential customers, 26% from commercial customers,
9% from wholesale customers, 7% from industrial customers and 7% from municipal customers.
At June 30, 2007, we had installed summer generating capacity of 8,913 megawatts, including approximately
143 megawatts of jointly-owned generating capacity, through a system of 14 power plants. Over the twelve months
ended June 30, 2007, our energy supply was comprised of approximately 33% coal, 31% gas and oil, 22% purchased
power and 14% nuclear.
S-2
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Summary of the Offering
The following is a brief summary of the terms of this offering. For a more complete description of the terms of the
bonds, see "Description of Bonds" beginning on page S-8 and "Description of First Mortgage Bonds" beginning on
page 7 of the accompanying prospectus.
Issuer
Florida Power Corporation d/b/a Progress Energy Florida, Inc. The bonds are not
obligations of, nor guaranteed by, Progress Energy, Inc.

Bonds Offered
We are offering $750,000,000 aggregate principal amount of first mortgage bonds in
two series.

2017 Bonds
$250,000,000 aggregate principal amount.
Interest Rate: 5.80% per year.
Maturity Date: September 15, 2017.

2037 Bonds
$500,000,000 aggregate principal amount.
Interest Rate: 6.35% per year.
Maturity Date: September 15, 2037.

Interest Payment Dates
Interest on each series of the bonds will be payable semi-annually in arrears on
March 15 and September 15, commencing March 15, 2008.

Optional Redemption
We may redeem some or all of the bonds of each series at any time, at our option, at
the applicable make-whole redemption price described under "Description of
Bonds -- Redemption -- Optional Redemption," plus accrued and unpaid interest to
the redemption date.

Special Redemption
Upon the occurrence of specific events, we may redeem the bonds of each series,
together with all other outstanding first mortgage bonds, in whole, but not in part, at
the make-whole redemption price described under "Description of Bonds --
Redemption -- Special Redemption," plus accrued and unpaid interest to the
redemption date.

Ranking
The bonds of each series will be secured by the lien of the Mortgage, as defined in
the accompanying prospectus, and will rank equally with all other outstanding first
mortgage bonds. See "Description of Bonds -- Ranking and Security." At June 30,
2007, we had outstanding approximately $1.9 billion in aggregate principal amount
of first mortgage bonds.

Sinking Fund
There is no sinking fund for either series of bonds.

Issuance of Additional First
Under the terms of the Mortgage, as of June 30, 2007, we could issue additional first
Mortgage Bonds
mortgage bonds in amounts equal to approximately (i) $2.7 billion based upon the
bondable value of property additions (approximately $2.0 billion after giving effect to
this offering) and (ii) $175.5 million based upon the amount of previously
authenticated first mortgage bonds that have been cancelled or delivered for
cancellation.

Further Issues of the Bonds
Initially, the 2017 bonds will be limited to $250 million in aggregate principal
amount and the 2037 bonds will be limited to $500 million in aggregate principal
amount. We may, subject to
S-3
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the provisions of the Mortgage, "reopen" each series of bonds and issue additional
bonds of each series, without the consent of the holders of the bonds.

Use of Proceeds
We expect to use the net proceeds from the sale of the bonds of approximately
$739.0 million, after deducting offering discounts and estimated offering expenses, to
repay the outstanding balance of our notes payable to affiliated companies and for
general corporate purposes. Notes payable to affiliated companies represents our net
position from our participation in an internal money pool operated by our parent,
Progress Energy, Inc. For additional information, see "Use of Proceeds."

Ratings
The bonds of each series are expected to be assigned ratings of "A2" (stable outlook)
by Moody's Investors Service, Inc., "A-" (stable outlook) by Standard & Poor's
Ratings Services and "A+" (stable outlook) by Fitch, Inc. A rating reflects only the
view of a rating agency and is not a recommendation to buy, sell or hold the bonds.
Any rating can be revised upward or downward or withdrawn at any time by a rating
agency if it decides the circumstances warrant that change.

Trustee
The trustee under the Mortgage is JPMorgan Chase Bank, N.A. In the normal course
of business, the Trustee or its affiliates may, from time to time, provide certain
commercial banking, investment banking and securities underwriting services to us
and our affiliates.
S-4
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Summary Financial Information
In the table below, we provide you with our summary financial information. The information is only a summary, and
you should read it together with the financial information incorporated by reference in this document. See "Documents
Incorporated by Reference" on page S-20 of this prospectus supplement and "Where You Can Find More Information"
on page 3 of the accompanying prospectus.

Six Months Ended

June 30,
Year Ended December 31,

2007
2006
2006

2005
2004

(Dollars in Millions)
Income Statement Data

Operating
revenues
$2,140
$2,154
$4,639 $3,955
$3,525
Operating
income
242
284
643 499
620
Total interest charges, net 76
77

150

126
114
Net income
129
140
328 260
335
Balance Sheet Data (end of period):

Total assets
9,045
8,406
8,593 8,318
7,924
Total debt (a)
2,561
2,626
2,604 2,717
2,431
Other Data:

Ratio of earnings to fixed charges (b)
4.04x
4.64x 4.28x 3.76x
5.17x
Capital
expenditures
$ 511
$ 377
$ 739 $ 543
$ 492
(a) Includes notes payable to affiliated companies, which totaled $4 million, $24 million, $47 million, $13 million and
$178 million at June 30, 2007 and 2006, and December 31, 2006, 2005 and 2004, respectively. Notes payable to
affiliated companies represents our net position from our participation in an internal money pool operated by our
parent, Progress Energy, Inc.

(b) Ratios for the periods ended June 30 represent the ratios for the twelve-month periods ending on those dates. We
define "earnings" as income before income taxes plus fixed charges and "fixed charges" as the sum of interest on
long-term debt, other interest and an imputed interest factor included in rentals. Ratios of earnings to fixed charges
for the years ended December 31, 2003 and 2002 were 5.31x and 5.27x, respectively.
S-5
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