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Duke Energy Progress NC Storm Funding

Filed: 24 Nov 21, 4:35pm

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

 

Date of Report: November 24, 2021

(Date of earliest event reported)

 

 

 

Commission file
number
Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices and Telephone Number
IRS Employer
Identification Number
1-3382

DUKE ENERGY PROGRESS, LLC

(an North Carolina limited liability company)

410 South Wilmington Street

RaleighNorth Carolina 27601-1748

704-382-3853

56-0165465
333-259315-01

DUKE ENERGY PROGRESS NC STORM FUNDING LLC

(a Delaware limited liability company)

410 South Wilmington Street

RaleighNorth Carolina 27601-1748

704-382-3853

87-2308312

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

 

 Title of each class Trading
Symbol(s)
 Name of each exchange on which
registered
   None.  

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

Co-Registrant CIK0001881229
Co-Registrant Amendment Flagfalse
Co-Registrant Form Type8-K
Co-Registrant DocumentPeriodEndDate2021-11-24
Co-Registrant Written Communicationsfalse
Co-Registrant Solicitating Materialsfalse
Co-Registrant PreCommencement Tender Offerfalse
Co-Registrant PreCommencement Issuer Tender Offerfalse
Co-Registrant Emerging Growth Companyfalse

 

 

 

 

Item 8.01.Other Events

 

On November 24, 2021, Duke Energy Progress NC Storm Funding LLC (the “Issuing Entity”) issued $769,627,000 of Series A Senior Secured Storm Recovery Bonds (the “Storm Recovery Bonds”), pursuant to an Indenture and Series Supplement (together, the “Indenture”), each dated as of November 24, 2021. The Storm Recovery Bonds were offered pursuant to the Prospectus dated November 17, 2021. In connection with this issuance of the Storm Recovery Bonds, Duke Energy Progress, LLC and the Issuing Entity are filing the exhibits listed in Item 9.01, which are annexed hereto as exhibits to this Current Report on Form 8-K.

 

Item 9.01.Financial Statements and Exhibits

 

(d) Exhibits.

 

Exhibit
No.

 

Description

4.1 Indenture between Duke Energy Progress NC Storm Funding LLC and the Indenture Trustee (including forms of the Senior Secured Storm Recovery Bonds) dated as of November 24, 2021
4.2 Series Supplement between Duke Energy Progress NC Storm Funding LLC and the Indenture Trustee, dated as of November 24, 2021
5.1 Opinion of Hunton Andrews Kurth LLP with respect to legality
8.1 Opinion of Hunton Andrews Kurth LLP with respect to tax matters
10.1 Storm Recovery Property Servicing Agreement between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC, as Servicer, dated as of November 24, 2021
10.2 Storm Recovery Property Purchase and Sale Agreement between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC, as Seller, dated as of November 24, 2021
10.3 Administration Agreement between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC, as Administrator, dated as of November 24, 2021
23.1 Consent of Hunton Andrews Kurth LLP (included as part of its opinions filed as Exhibit 5.1 and Exhibit 8.1)
99.2 Opinion of Hunton Andrews Kurth LLP with respect to U.S. and North Carolina constitutional matters
104 

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

 

 DUKE ENERGY PROGRESS, LLC

 

 By:/s/ Robert T. Lucas III
  Robert T. Lucas III
Dated:  November 24, 2021 Assistant Secretary

 

 DUKE ENERGY PROGRESS NC STORM FUNDING LLC

 

 By:/s/ Robert T. Lucas III
  Robert T. Lucas III
Dated:  November 24, 2021 Secretary