Obligation Duval Energy Florida 3.1% ( US341099CP25 ) en USD

Duval Energy Florida

100 % ▲

Etas-Unis

US341099CP25 ( en USD )

3.1% par an ( paiement semestriel )

15/08/2021 - Obligation échue

Prospectus brochure de l'obligation Duke Energy Florida US341099CP25 en USD 3.1%, échue

1 000 USD

300 000 000 USD

341099CP2

N/A

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 émise par Duval Energy Florida ( Etas-Unis ) , en USD, avec le code ISIN US341099CP25, paye un coupon de 3.1% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/08/2021

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/37637/000119312511224152/d...
424B2 1 d424b2.htm FINAL PROSPECTUS SUPPLEMENT
Table of Contents
CALCULATION OF REGISTRATION FEE

Amount to be Registered/ Proposed Maximum Offering
Title of Securities to be
Price Per Unit/Proposed Maximum Aggregate
Amount of
Registered

Offering Price

Registration Fee (1)
First Mortgage Bonds

$300,000,000

$34,830
(1) This filing fee is calculated in accordance with Rule 457(r) under the Securities Act of 1933, as amended, and relates to the
Registration Statement on Form S-3 (No. 333-155418-01) filed by Florida Power Corporation d/b/a Progress Energy Florida,
Inc. on November 18, 2008.
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Filed Pursuant to Rule 424(b)(2)
Registration No. 333-155418-01

Prospectus Supplement
(To Prospectus dated November 18, 2008)
$300,000,000
Florida Power Corporation d/b/a
First Mortgage Bonds
3.10% Series due 2021

The bonds will mature on August 15, 2021. We will pay interest on the bonds on February 15 and August 15 of each year,
beginning February 15, 2012. The bonds 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 at any time at the redemption prices described in this prospectus supplement. See
"Description of Bonds -- Redemption -- Optional Redemption." There is no sinking fund for the bonds. The bonds are not
obligations of, nor guaranteed by, Progress Energy, Inc., our corporate parent.
The bonds 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 6 of
the accompanying prospectus.
We do not intend to list the bonds 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
sections of our most recent Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q.
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.

Per Bond

Total

Public Offering Price

99.796%
$299,388,000
Underwriting Discount

0.650%

$ 1,950,000
Proceeds to Us Before Expenses

99.146%
$297,438,000
The public offering price set forth above does not include accrued interest, if any. Interest on the bonds will accrue from their
issue date and must be paid by the purchasers if the bonds are delivered after that date.
The bonds 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 August 18, 2011.

Joint Book-Running Managers

Co-Managers

Mitsubishi UFJ Securities
SunTrust Robinson Humphrey

KeyBanc Capital Markets
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The Williams Capital Group, L.P.
The date of this prospectus supplement is August 15, 2011
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TABLE OF CONTENTS
Prospectus Supplement

Page
ABOUT THIS PROSPECTUS SUPPLEMENT
ii

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
S-1

PROSPECTUS SUPPLEMENT SUMMARY
S-2

RISK FACTORS
S-6

USE OF PROCEEDS
S-6

CAPITALIZATION AND SHORT-TERM DEBT
S-7

DESCRIPTION OF BONDS
S-8

MATERIAL U.S. FEDERAL TAX CONSIDERATIONS
S-15
UNDERWRITING
S-20
EXPERTS
S-22
LEGAL MATTERS
S-22
DOCUMENTS INCORPORATED BY REFERENCE
S-22
Prospectus

Page
ABOUT THIS PROSPECTUS

i

OUR COMPANY

i

USE OF PROCEEDS

i

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

i

WHERE YOU CAN FIND MORE INFORMATION

ii

DOCUMENTS INCORPORATED BY REFERENCE

ii

RISK FACTORS

1

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

2

DESCRIPTION OF FIRST MORTGAGE BONDS

4

DESCRIPTION OF DEBT SECURITIES

9

DESCRIPTION OF PREFERRED STOCK

20
GLOBAL SECURITIES

24
PLAN OF DISTRIBUTION

25
EXPERTS

26
LEGAL MATTERS

26

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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 prospectus supplement
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. References in this prospectus supplement to "bonds" are to the 3.10% First Mortgage Bonds due August 15,
2021. The bonds are not obligations of, nor guaranteed by, Progress Energy, Inc., our corporate parent.

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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 document 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 the heading "Risk Factors" in our Annual
Report on Form 10-K for the year ended December 31, 2010, and our Quarterly Reports on Form 10-Q for the periods ended
March 31 and June 30, 2011, which are 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.

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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, our Annual Report on Form 10-K for the year ended December 31,
2010, and our Quarterly Reports on Form 10-Q for the periods ended March 31 and June 30, 2011, which are 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, 2011, we were providing electric services, retail and wholesale, to approximately 1.6 million customers. For
the six months ended June 30, 2011, approximately 60% of our base revenues were derived from residential customers, 22%
from commercial customers, 7% from wholesale customers, 6% from governmental customers and 5% from industrial customers.
At June 30, 2011, we had installed summer generating capacity of 10,025 megawatts, including approximately 120
megawatts of jointly-owned generating capacity, through a system of 14 power plants. For the six months ended June 30, 2011,
our energy supply was comprised of approximately 55% gas and oil, 27% coal and 18% purchased power.

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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 of this prospectus supplement and "Description of First Mortgage Bonds"
beginning on page 4 of the accompanying prospectus.

Issuer
Florida Power Corporation d/b/a Progress Energy Florida, Inc. The bonds are
not obligations of, nor guaranteed by, our parent company, Progress Energy, Inc.

Bonds Offered
We are offering $300,000,000 aggregate principal amount of first mortgage
bonds.

Interest Rate
3.10% per year.

Maturity Date
August 15, 2021.

Interest Payment Dates
Interest on the bonds will be payable semi-annually in arrears on February 15
and August 15, beginning February 15, 2012.

Optional Redemption
We may redeem some or all of the bonds at any time prior to May 15, 2021
(three months prior to their maturity date) at the applicable redemption prices
described under "Description of Bonds -- Redemption -- Optional
Redemption," plus accrued and unpaid interest to the date of redemption. The
bonds are redeemable on and after May 15, 2021 (three months prior to their
maturity date), in whole or in part, at a price of 100% plus accrued interest.

Special Redemption
Upon the occurrence of specific events, we may redeem, at our option, the
bonds, 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 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, 2011, we had outstanding approximately $4.341 billion in aggregate
principal amount of first mortgage bonds (approximately $4.041 billion after
giving effect to the July 15, 2011 maturity of the $300 million 6.65% First
Mortgage Bonds due 2011).

Sinking Fund
There is no sinking fund for the bonds.

Issuance of Additional First Mortgage Bonds
Under the terms of the Mortgage, as of May 31, 2011, we could issue additional
first mortgage bonds in amounts equal to approximately (i) $2.2 billion based
upon the bondable value of property additions ($1.9 billion after giving effect to
this offering) and (ii) $555.5 million based upon the amount of previously
authenticated first mortgage bonds that have been cancelled or delivered for
cancellation (approximately $855.5 million after giving effect to the July 15,
2011 maturity of the $300 million 6.65% First Mortgage Bonds due 2011).

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Further Issues of the Bonds
Initially, the bonds will be limited to $300 million in aggregate principal
amount. We may, subject to the provisions of the Mortgage, "reopen" the bonds
and issue additional bonds without the consent of the holders of the bonds.

Use of Proceeds
We intend to use the net proceeds from the sale of the bonds of approximately
$295.8 million, after deducting underwriting discounts and estimated offering
expenses, to repay a portion of our outstanding short-term debt. For additional
information, see "Use of Proceeds."

Trustee
The trustee under the Mortgage is The Bank of New York Mellon. 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.

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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-22 of this prospectus supplement and "Where You Can Find More Information" on page ii of the
accompanying prospectus.

Six Months Ended June 30,
Year Ended December 31,

2011
2010
2010

2009

2008

(In Millions of Dollars, except for Ratios)

Income Statement Data:

Operating revenues

$
2,225
$
2,522
$ 5,254
$ 5,251
$ 4,731
Operating income

450

466

959

802

680

Total interest charges, net

130

127

258

231

208

Net income

215

221

453

462

385

Balance Sheet Data (end of period):

Total assets

13,907

13,693

14,056
13,100
12,471
Total debt (including capital lease obligations)
4,759

4,701

4,699

4,620

4,848

Other Data:

Ratio of earnings to fixed charges(a)

3.54x

3.81x

3.66x

3.57x

3.37x

Capital expenditures(b)

$

432
$
556
$ 1,052
$ 1,527
$ 1,595
(a) 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. The ratio of earnings to fixed charges for the years ended
December 31, 2007 and 2006 were 3.45x and 4.28x, respectively.
(b) We define "capital expenditures" as gross property and nuclear fuel additions.

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