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~~Date toof ~~Section 13~~Report: orSeptember ~~15(d) of~~22, ~~the~~2025

~~Securities~~(Date ~~Exchange~~of ~~Act~~earliest ofevent ~~1934~~reported)

Date of Report (Date of earliest event reported): January 6, 2025

Commission file
number

Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices and Telephone Number

IRS Employer
Identification Number

333-288891

DUKE ENERGY CAROLINAS, LLC

(a North Carolina limited liability company)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

56-0205520

333-288891-01

DUKE ENERGY CAROLINAS NC STORM FUNDING II LLC

(a Delaware limited liability company)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

39-3183527

~~DUKE~~Check ~~ENERGY~~the ~~CAROLINAS,~~appropriate ~~LLC~~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):

(Exact Name of Registrant as Specified in its Charter)

North Carolina (State or Other Jurisdiction of Incorporation or Organization) 1-04928 (Commission File Number) 56-0205520 (IRS Employer Identification No.)

525 South Tryon Street

Charlotte, North Carolina 28202-1803

(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~~REGISTERED PURSUANT ~~pursuant~~TO toSECTION ~~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~~ 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	0002078092
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant DocumentPeriodEndDate	2025-09-22
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

On January 6, 2025, Duke Energy Carolinas, LLC (the “Company”) consummated the issuance and sale of the securities described below pursuant to an underwriting agreement, dated January 2, 2025 (the “Underwriting Agreement”), with Barclays Capital Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $400,000,000 aggregate principal amount of the Company’s First and Refunding Mortgage Bonds, 4.85% Series due 2030 and $700,000,000 aggregate principal amount of the Company’s First and Refunding Mortgage Bonds, 5.25% Series due 2035 (collectively, the “Mortgage Bonds”). The Mortgage Bonds were sold to the Underwriters at discounts to their principal amounts. The Mortgage Bonds were issued under the First and Refunding Mortgage, dated as of December 1, 1927, as amended and supplemented from time to time, including by the One-Hundred and Twelfth Supplemental Indenture, dated as of January 6, 2025 (the “One-Hundred and Twelfth Supplemental Indenture”), relating to the Mortgage Bonds, each between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (as so amended and supplemented, the “Mortgage”). The disclosure in this Item 8.01 is qualified in its entirety by the provisions of the Mortgage, including the One-Hundred and Twelfth Supplemental Indenture which together with the forms of global bonds evidencing the Mortgage Bonds, is filed as Exhibit 4.1 ~~hereto,~~Other and the Underwriting Agreement, which is filed as Exhibit 99.1 hereto. Such exhibits are incorporated herein by reference. Also, in connection with the issuance and sale of the Mortgage Bonds, the Company is filing a legal opinion regarding the validity of the Mortgage Bonds as Exhibit 5.1 to this Form 8-K for the purpose of incorporating the opinion into the Company’s Registration Statement on Form S-3 (No. 333-267583-02).Events

~~Item~~On 9September 23, 2025, Duke Energy Carolinas, LLC (the “Utility”) and Duke Energy Carolinas NC Storm Funding II LLC (the “Issuing Entity”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with RBC Capital Markets, LLC and Barclays Capital Inc.01 as representatives of the underwriters with respect to the purchase and sale of $582,089,000 of Series A Senior Secured Storm Recovery Bonds (the “Storm Recovery Bonds”), to be issued by the Issuing Entity pursuant to an Indenture by and among the Issuing Entity and U.S. ~~Financial~~Bank ~~Statements~~Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association, as Securities Intermediary and Account Bank, to be dated as of September 30, 2025 as supplemented by the Series Supplement to be dated as of September 30, 2025 (together, the “Indenture”), which are annexed hereto as Exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K. The Storm Recovery Bonds were offered pursuant to the prospectus dated September 23, 2025 (the “Prospectus”). In connection with the issuance of the Storm Recovery Bonds, the Utility and the Issuing Entity also expect to enter into a Storm Recovery Property Servicing Agreement, Storm Recovery Property Purchase and Sale Agreement, Administration Agreement, Intercreditor Agreement and Joinder to an existing amended and restated intercreditor agreement, dated December 20, 2013, which together with the Underwriting Agreement, are annexed hereto as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5, respectively, to this Current Report on 8-K.

Additionally, effective as of September 22, 2025, the Issuing Entity adopted an Amended and Restated Limited Liability Company Agreement (dthe “A&R LLC Agreement”)           ~~Exhibits~~ in connection with the issuance of the Storm Recovery Bonds. The A&R LLC Agreement, which is described in the Prospectus, was previously approved by the Utility, the sole member of the Issuing Entity. The description of the A&R LLC Agreement in the Prospectus is not complete and 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.

Exhibit		Description
Exhibit 4.1		One-Hundred and Twelfth Supplemental Indenture, dated as of January 6, 2025 between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, and forms of global bonds representing the First and Refunding Mortgage Bonds, 4.85% Series due 2030 and First and Refunding Mortgage Bonds, 5.25% Series due 2035
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 January 2, 2025, among the Company and Barclays Capital Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein
Exhibit 104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within Inline XBRL document.

Item 9.01.

Financial Statements and Exhibits

1(d) Exhibits.

SIGNATURE

Exhibit No.		Description
1.1		Underwriting Agreement among Duke Energy Carolinas NC Storm Funding II LLC, Duke Energy Carolinas, LLC, RBC Capital Markets, LLC and Barclays Capital Inc., dated September 23, 2025

3.2		Amended and Restated Limited Liability Company Agreement, dated as of September 22, 2025, of Duke Energy Carolinas NC Storm Funding II LLC

4.1		Form of Indenture by and among Duke Energy Carolinas NC Storm Funding II LLC, U.S. Bank Trust Company, National Association, as indenture trustee and U.S. Bank National Association, as securities intermediary and account bank (including forms of the Senior Secured Storm Recovery Bonds) to be dated as of September 30, 2025

4.2		Form of Series Supplement between Duke Energy Carolinas NC Storm Funding II LLC and the Indenture Trustee, to be dated as of September 30, 2025

10.1		Form of Storm Recovery Property Servicing Agreement between Duke Energy Carolinas NC Storm Funding II LLC and Duke Energy Carolinas, LLC, as Servicer, to be dated as of September 30, 2025

10.2		Form of Storm Recovery Property Purchase and Sale Agreement between Duke Energy Carolinas NC Storm Funding II LLC and Duke Energy Carolinas, LLC, as Seller, to be dated as of September 30, 2025

10.3		Form of Administration Agreement between Duke Energy Carolinas NC Storm Funding II LLC and Duke Energy Carolinas, LLC, as Administrator, to be dated as of September 30, 2025

10.4		Form of Amended and Restated Intercreditor Agreement, among Duke Energy Carolinas, LLC, Duke Energy Carolinas NC Storm Funding II LLC, Duke Energy Carolinas NC Storm Funding, LLC, U.S. Bank Trust Company, National Association (as trustee for the Issuing Entity), and The Bank Of New York Mellon Trust Company, National Association (as trustee for Duke Energy Carolinas NC Storm Funding LLC), to be dated September 30, 2025

10.5		Form of Joinder Agreement to the Amended and Restated Intercreditor Agreement, dated December 20, 2013, between Duke Energy Carolinas NC Storm Funding II LLC and U.S. Bank Trust Company, National Association, to be dated September 30, 2025

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

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

	DUKE ENERGY CAROLINAS, LLC
Date: January 6, 2025
	By:	/s/ Elizabeth Jones
		Name:	Elizabeth Jones
		Title:	Assistant Secretary

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 CAROLINAS, LLC

	By:	/s/ Elizabeth H. Jones
		Elizabeth H. Jones
Dated: September 25, 2025		Assistant Secretary

	DUKE ENERGY CAROLINAS NC STORM FUNDING II LLC

	By:	/s/ Elizabeth H. Jones
		Elizabeth H. Jones
Dated: September 25, 2025		Secretary

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