First Mortgage Bond Offering

Energy
First Mortgage Bond Offering

Summary

Baird served as a co-manager in this transaction

About

Progress Energy Florida, Inc., an indirect, wholly owned subsidiary of Progress Energy, Inc. (NYSE: PGN) (“Progress Energy” or the “Company”) recently completed an offering for $600,000,000 in aggregate principal amount of 4.55% and 5.65% First Mortgage Bonds in two series due 2020 and 2040, respectively. Net proceeds from the offering are anticipated to be used to retire the outstanding balance of First Mortgage Bonds due June 1, 2010, to repay the outstanding balance of notes payable to affiliated companies and for general corporate purposes.

Based in Raleigh, North Carolina, Progress Energy, the parent of Progress Energy Florida, operates as an integrated energy company that engages in the generation, transmission, distribution and sale of electricity in the southeast region of the United States. The Company’s two operating subsidiaries, Progress Energy Carolinas and Progress Energy Florida, are regulated utilities that serve over 3 million residential, commercial and industrial customers. Progress Energy is one of the largest pure-play regulated electric utilities in the U.S.

For additional information about this transaction, please contact:

Dick Waid (404) 264-2210
John Lanza (414) 298-7669
Energy
First Mortgage Bond Offering
Date
March 2010
Company
Progress Energy Florida, Inc.
Transaction
M&A
Sectors
Energy
Target Location
North America

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