Filed pursuant to Rule 433
December 5, 2011
Relating to
Preliminary Prospectus Supplement dated December 5, 2011 to
Prospectus dated September 29, 2010
Registration Statement No. 333-169633-03
Duke Energy Carolinas, LLC
First and Refunding Mortgage Bonds,
$350,000,000 1.75% Series due 2016
$650,000,000 4.25% Series due 2041
Pricing Term Sheet
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Issuer: |
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Duke Energy Carolinas, LLC | ||
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Trade Date: |
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December 5, 2011 | ||
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Settlement Date: |
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December 8, 2011; T + 3 | ||
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Interest Payment Dates: |
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June 15 and December 15, beginning on June 15, 2012 | ||
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Ratings (Moody’s/S&P): |
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A1/A (stable/stable)
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. | ||
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Security Description: |
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First and Refunding Mortgage Bonds, 1.75% Series due 2016 |
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First and Refunding Mortgage Bonds, 4.25% Series due 2041 |
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Principal Amount: |
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$350,000,000 |
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$650,000,000 |
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Maturity Date: |
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December 15, 2016 |
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December 15, 2041 |
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Price to Public: |
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99.837% per Bond |
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99.831% per Bond |
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Coupon: |
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1.75% |
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4.25% |
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Benchmark Treasury: |
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0.875% due November 30, 2016 |
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3.750% due August 15, 2041 |
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Benchmark Treasury Price: |
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99-22 3/4 |
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114-14+ |
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Benchmark Treasury Yield: |
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0.934% |
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3.010% |
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Spread to Benchmark Treasury: |
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+85 bps |
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+125 bps |
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Yield to Maturity: |
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1.784% |
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4.260% |
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Redemption Provisions/ |
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+ 15 bps. |
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At any time before six months prior to maturity, redeemable at the Treasury Rate + 20 bps. At any time on or after six months prior to maturity, redeemable at par. |
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CUSIP / ISIN: |
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26442CAL8 / US26442CAL81 |
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26442C AM6 / US26442CAM64 |
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Joint Book-Running Managers: |
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Barclays Capital Inc. |
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Co-Managers: |
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KeyBanc Capital Markets Inc. |
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Junior Co-Managers: |
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MFR Securities, Inc. |
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. toll free at (888)-603-5847, Citigroup Global Markets Inc. toll free at (877) 858-5407, Deutsche Bank Securities Inc. toll free at (800) 503-4611 or J.P. Morgan Securities LLC collect at (212) 834-4533.