Duke Energy Progress issues $460.6M storm recovery bonds to fund storm costs

DUKE ENERGY PROGRESS, LLC.

Issued $460,646,000 Senior Secured Storm Recovery Bonds via SPV Duke Energy Progress NC Storm Funding II LLC.
Bonds backed by storm recovery charges under NC Storm Recovery Law; closing expected September 30, 2025.
Underwriting agreement with RBC Capital Markets and Barclays Capital dated September 23, 2025.
Proceeds to recover storm-related costs; multiple servicing and intercreditor agreements executed.
New LLC agreement adopted September 22, 2025 for the issuing entity.

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