UNITED STATES SECURITIES AND EXCHANGE COMMISSION

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

~~Pursuant to~~Date ~~Section 13 or 15(d)~~ of ~~the Securities~~Report: ~~Exchange~~April ~~Act~~16, ~~of 1934~~2024

~~Date of Report~~ (Date of earliest event reported)~~: March 14, 2024~~

DUKE ENERGY PROGRESS, LLC

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

(a North Carolina limited liability company)

411 Fayetteville Street

Raleigh, North Carolina 27601

704-382-3853

56-0165465

333-276553-01

DUKE ENERGY PROGRESS SC STORM FUNDING LLC

(a Delaware limited liability company)

411 Fayetteville Street

Raleigh, North Carolina 27601

704-382-3853

99-0724467

~~(Exact~~Check ~~Name~~the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of ~~Registrant~~the asregistrant ~~Specified~~under any of the following provisions in(see ~~its~~General ~~Charter~~Instruction A.2. below):

North Carolina	001-3382	56-0165465
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(IRS Employer Identification No.)

411 Fayetteville Street, Raleigh, North Carolina 27601-1748

(Address of Principal Executive Offices, including Zip Code)

(800) 488-3853 (Registrant’s telephone number, including area code)

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:

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

¨ Soliciting ~~material~~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~~SECURITIES ~~registered pursuant~~REGISTERED toPURSUANT ~~Section~~TO SECTION 12(b) ofOF ~~the~~THE ~~Act~~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. ¨

Item 8.01. Other Events.

Co-Registrant CIK	0001881229
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant DocumentPeriodEndDate	2024-04-16
Co-Registrant Written Communications	false
Co-Registrant Solicitating Materials	false
Co-Registrant PreCommencement Tender Offer	false
Co-Registrant PreCommencement Issuer Tender Offer	false
Co-Registrant Emerging Growth Company	false

OnItem March 14, 2024, Duke Energy Progress, LLC (the “Company”) consummated the issuance and sale of the securities described below pursuant to an underwriting agreement, dated March 11, 2024 (the “Underwriting Agreement”), with BMO Capital Markets Corp8.~~, Mizuho Securities USA LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc~~01. ~~and~~Other U.S. Bancorp Investments, Inc., as representatives of the several underwriters named therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $500,000,000 aggregate principal amount of the Company’s First Mortgage Bonds, 5.10% Series due 2034 (the “Mortgage Bonds”). The Mortgage Bonds were sold to the Underwriters at a discount to their principal amount. The Mortgage Bonds were issued under the Mortgage and Deed of Trust (dated as of May 1, 1940) with The Bank of New York Mellon (formerly Irving Trust Company) (the “Corporate Trustee”) and Christie Leppert (successor to Frederick G. Herbst), as trustees (together with the Corporate Trustee, the “Mortgage Trustees”), as supplemented from time to time, including by the Ninety-fifth Supplemental Indenture, dated as of March 1, 2024 (the “Ninety-fifth Supplemental Indenture”), among the Company and the Mortgage Trustees, relating to the Mortgage Bonds (collectively, the “Mortgage”).Events

~~The~~On April 16, 2024, Duke Energy Progress, ~~foregoing~~LLC ~~disclosure~~(the is“Utility”) ~~qualified~~and inDuke ~~its~~Energy ~~entirety~~Progress bySC ~~the~~Storm ~~provisions~~Funding ofLLC (the ~~Mortgage,~~“Issuing Entity”) entered into an Underwriting Agreement (the ~~Ninety-fifth~~“Underwriting ~~Supplemental~~Agreement”) ~~Indenture~~with Goldman Sachs & Co. LLC and RBC Capital Markets, ~~together~~LLC as underwriters with respect to the ~~form~~purchase and sale of ~~global~~$177,365,000 ~~bond~~of ~~evidencing~~Senior ~~the~~Secured ~~Mortgage~~Storm Recovery Bonds, ~~included~~Series A ~~therein~~(the “Storm Recovery Bonds”), ~~which~~to isbe ~~filed~~issued asby ~~Exhibit 4.1~~the ~~hereto,~~Issuing Entity pursuant to an Indenture and Series Supplement (together, the ~~Underwriting~~“Indenture”), ~~Agreement~~each to be dated as of April 25, 2024, which isare ~~filed~~annexed hereto as ~~Exhibit 99~~Exhibits 4.1 ~~hereto~~and 4.2, ~~Such~~respectively, ~~exhibits~~to ~~are~~this ~~incorporated~~Current ~~herein~~Report ~~by reference~~on Form 8-K. ~~Also~~The Storm Recovery Bonds were offered pursuant to the prospectus dated April 16, in2024 (the “Prospectus”). In connection with the issuance ~~and sale~~ of the ~~Mortgage~~Storm Recovery Bonds, the ~~Company~~Utility isand ~~filing~~the Issuing Entity also expect to enter into a ~~legal~~Storm ~~opinion~~Recovery Property ~~regarding~~Servicing ~~the~~Agreement, ~~validity~~Storm ofRecovery ~~the~~Property ~~Mortgage~~Purchase ~~Bonds~~and asSale ~~Exhibit~~Agreement, Administration Agreement, ~~5.1~~Intercreditor Agreement and Joinder to ~~this~~an ~~Current~~existing ~~Report~~amended onand ~~Form 8-K~~restated ~~for~~intercreditor ~~the~~agreement, ~~purpose~~dated ofDecember 20, ~~incorporating~~2013, ~~the~~which ~~opinion~~together ~~into~~with the ~~Company’s~~Underwriting Agreement, ~~Registration~~are ~~Statement~~annexed ~~on Form S-~~hereto as Exhibits 10.1, 10.2, 10.3, ~~(No~~10. ~~333~~4 and 10.5, respectively, to this Current Report on 8-~~267583-06)~~K.

~~Item~~Additionally, 9effective as of April 16, 2024, the Issuing Entity adopted an Amended and Restated Limited Liability Company Agreement (the “A&R LLC Agreement”) in connection with the issuance of the Storm Recovery Bonds.01 The A&R LLC Agreement, which is described in the Prospectus, was previously approved by the Utility, the sole member of the Issuing Entity. ~~Financial~~The ~~Statements~~description of the A&R LLC Agreement in the Prospectus is not complete and ~~Exhibits~~is qualified in its entirety by reference to the full text of the A&R LLC Agreement, which is annexed hereto as Exhibit 3.2 to this Current Report on Form 8-K and is incorporated by reference herein.

~~(d)~~ Item 9.01. Financial Statements and Exhibits

Exhibit	Description
Exhibit 4.1	Ninety-fifth Supplemental Indenture, dated as of March 1, 2024, among the Company, The Bank of New York Mellon (formerly Irving Trust Company) and Christie Leppert (successor to Frederick G. Herbst) and form of global bond.
Exhibit 5.1	Opinion regarding validity of the Mortgage Bonds.
Exhibit 23.1	Consent (included as part of Exhibit 5.1).
Exhibit 99.1	Underwriting Agreement, dated March 11, 2024, among the Company and BMO Capital Markets Corp., Mizuho Securities USA LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc., as representatives of the several underwriters named therein.
Exhibit 104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

(d) Exhibits.

Exhibit No.		Description

1.1		Underwriting Agreement among Duke Energy Progress SC Storm Funding LLC, Duke Energy Progress, LLC, Goldman Sachs & Co. LLC and RBC Capital Markets, LLC, dated April 16, 2024

3.2		Amended and Restated Limited Liability Company Agreement, dated as of April 16, 2024, of Duke Energy Progress SC Storm Funding LLC

4.1		Form of Indenture between Duke Energy Progress SC Storm Funding LLC and the Indenture Trustee (including forms of the Senior Secured Storm Recovery Bonds) to be dated as of April 25, 2024

4.2		Form of Series Supplement between Duke Energy Progress SC Storm Funding LLC and the Indenture Trustee, to be dated as of April 25, 2024

10.1		Form of Storm Recovery Property Servicing Agreement between Duke Energy Progress SC Storm Funding LLC and Duke Energy Progress, LLC, as Servicer, to be dated as of April 25, 2024

10.2		Form of Storm Recovery Property Purchase and Sale Agreement between Duke Energy Progress SC Storm Funding LLC and Duke Energy Progress, LLC, as Seller, to be dated as of April 25, 2024

10.3		Form of Administration Agreement between Duke Energy Progress SC Storm Funding LLC and Duke Energy Progress, LLC, as Administrator, to be dated as of April 25, 2024

10.4		Form of Intercreditor Agreement, among Duke Energy Progress, LLC, Duke Energy Progress SC Storm Funding LLC, Duke Energy Progress NC Storm Funding, LLC, Duke Energy Progress Receivables LLC, The Bank Of New York Mellon Trust Company, National Association, U.S. Bank Trust Company, National Association and MUFG Bank, LTD, to be dated April 25, 2024

10.5		Form of Joinder Agreement to the Amended and Restated Intercreditor Agreement, dated December 20, 2013, between Duke Energy Progress SC Storm Funding LLC and U.S. Bank Trust Company, National Association, to be dated April 25, 2024

104		Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

~~SIGNATURE~~SIGNATURES

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

	DUKE ENERGY PROGRESS, LLC
Date: March 14, 2024	By:	/s/ Robert T. Lucas III, Esq.
	By:	/s/ Robert T. Lucas III
		Name:	Robert T. Lucas III, Esq.
		Robert T. Lucas III
		Title:	Assistant Secretary
Dated: April 18, 2024		Assistant Secretary
	DUKE ENERGY PROGRESS SC STORM FUNDING LLC
	By:	/s/ Robert T. Lucas III
		Robert T. Lucas III
Dated: April 18, 2024		Secretary

Filing Compare · DUKE ENERGY PROGRESS, LLC.