# EDGAR Filing Document

**Accession Number:** 0002078088
**File Stem:** 0001104659-25-092657
**Filing Date:** 2025-9
**Character Count:** 12578
**Document Hash:** 7029d9fc4866a3e5e28dae085c259eea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-092657.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001104659-25-092657

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250923

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Duke Energy Progress NC Storm Funding II LLC
- **CENTRAL INDEX KEY:** 0002078088

**ORGANIZATION NAME:**
- **EIN:** 393183527
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-288942-01
- **FILM NUMBER:** 251335051

**BUSINESS ADDRESS:**
- **STREET 1:** 411 FAYETTEVILLE STREET
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27601
- **BUSINESS PHONE:** 704-382-8251

**MAIL ADDRESS:**
- **STREET 1:** 525 SOUTH TRYON STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Duke Energy Progress NC Storm Funding II LLC
- **CENTRAL INDEX KEY:** 0002078088

**ORGANIZATION NAME:**
- **EIN:** 393183527
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 411 FAYETTEVILLE STREET
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27601
- **BUSINESS PHONE:** 704-382-8251

**MAIL ADDRESS:**
- **STREET 1:** 525 SOUTH TRYON STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**Free Writing Prospectus, dated September 23, 2025**

**Filed pursuant to Rule 433 under the Securities Act of 1933**

**Supplementing the Preliminary Prospectus, dated September 3, 2025**

**Registration Statement Nos. 333-288942 and 333-288942-01**

**Duke Energy Progress NC Storm Funding II LLC**

**(Issuing Entity)**

**PRICING TERM SHEET**

**$460,646,000 Series A Senior Secured Storm Recovery Bonds (the "Bonds")**

---

| | |
|:---|:---|
| Issuing Entity: | Duke Energy Progress NC Storm Funding II LLC |
| Sponsor, Depositor and Initial Servicer: | Duke Energy Progress, LLC ("DEP") |
| Trustee: | U.S. Bank Trust Company, National Association. |
| Joint Bookrunners: | RBC Capital Markets, LLC<br> Barclays Capital Inc. |
| Co-Managers | Academy Securities, Inc.<br> CastleOak Securities, L.P.<br> CAVU Securities LLC |
| Expected Ratings (Moody's/S&P): | Aaa (sf)/AAA (sf)<sup>(1)</sup> |
| Closing Date / Settlement Date: | September 30, 2025<sup>(2)</sup> |
| Interest Payment Dates: | July 1 and January 1, commencing July 1, 2026 |
| Applicable Time: | 2:12 PM (Eastern time) on September 23, 2025 |
| Initial storm recovery charge as a percentage of customer's total electricity bill: | The initial storm recovery charge is expected to represent approximately 1.09% of the total bill, as of July 31, 2025, received by a 1,000 kWh North Carolina residential customer of DEP.<br>The estimated aggregate initial storm recovery charge for (1) the Bonds, and (2) the 2021 NC Storm Recovery Bonds is expected to represent approximately 2.45% of the total DEP electric bill, as of July 31, 2025, received by a 1,000 kWh residential customer of DEP. |
| Proceeds: | The total initial price to the public is $460,625,409. The total amount of the underwriting discounts and commissions is $1,842,584. The total amount of proceeds to the Issuing Entity before deduction of expenses (estimated to be $2,438,825) is $458,782,825. |
| Return on invested capital: | $112,628, per annum |

---

(1) A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision
or withdrawal at any time.

(2) The Issuing Entity expects to deliver the bonds against payment for the bonds on or about September 30,
2025, which will be the fifth business day following the date of pricing of the bonds. Since trades in the secondary market generally
settle in one business day, purchasers who wish to trade bonds on the date of pricing or the succeeding three business days will be required,
by virtue of the fact that the bonds initially will settle in T+5, to specify alternative settlement arrangements to prevent a failed
settlement.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tranche** | **Principal<br> Amount<br> Offered** | **Expected<br> Weighted<br> Average<br> Life<br> (years)** | **Scheduled <br> Final<br> Payment<br> Date** | **Final <br> Maturity<br> Date** | **Interest<br> Rate** | **Initial<br> Price to<br> Public<sup>(3)</sup>** | **Underwriting<br> Discounts and<br> Commissions** | **Proceeds to<br> Issuing Entity<br> (Before<br> Expenses)** |
| &nbsp;&nbsp;A-1 | $460646000 | 12.20 | 01/01/2046 | 01/01/2048 | 4.890% | 99.99553% | 0.40% | $458782825 |

---

(3) Interest on the bonds will accrue from September 30, 2025 and must be paid by the purchaser if the bonds are delivered after
that date.

---

| | |
|:---|:---|
|  | **<u>Tranche A-1</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CUSIP** | 26443N AA7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISIN** | US26443NAA72 |

---

**EXPECTED SINKING FUND SCHEDULE**

---

| | |
|:---|:---|
| **Semi-Annual Payment Date** | **Tranche A-1** |
| 07/01/2026 | $1574350 |
| 01/01/2027 | $7224752 |
| 07/01/2027 | $7398868 |
| 01/01/2028 | $7577181 |
| 07/01/2028 | $7759791 |
| 01/01/2029 | $7946802 |
| 07/01/2029 | $8138320 |
| 01/01/2030 | $8334453 |
| 07/01/2030 | $8535314 |
| 01/01/2031 | $8741015 |
| 07/01/2031 | $8951673 |
| 01/01/2032 | $9167408 |
| 07/01/2032 | $9388343 |
| 01/01/2033 | $9614602 |
| 07/01/2033 | $9846314 |
| 01/01/2034 | $10083610 |
| 07/01/2034 | $10326625 |
| 01/01/2035 | $10575497 |
| 07/01/2035 | $10830366 |
| 01/01/2036 | $11091378 |
| 07/01/2036 | $11358680 |
| 01/01/2037 | $11632424 |
| 07/01/2037 | $11912766 |
| 01/01/2038 | $12199864 |
| 07/01/2038 | $12493880 |
| 01/01/2039 | $12794983 |
| 07/01/2039 | $13103342 |
| 01/01/2040 | $13419132 |
| 07/01/2040 | $13742533 |
| 01/01/2041 | $14073729 |
| 07/01/2041 | $14412905 |
| 01/01/2042 | $14760256 |
| 07/01/2042 | $15115979 |
| 01/01/2043 | $15480274 |
| 07/01/2043 | $15853348 |
| 01/01/2044 | $16235414 |
| 07/01/2044 | $16626687 |
| 01/01/2045 | $17027391 |
| 07/01/2045 | $17437751 |
| 01/01/2046 | $17858000 |
| Total Payments | $460646000 |

---

**EXPECTED AMORTIZATION SCHEDULE**

**OUTSTANDING PRINCIPAL BALANCE**

---

| | |
|:---|:---|
| **Semi-Annual Payment Date** | **Tranche A-1** |
| Issuance Date | $460646000 |
| 07/01/2026 | $459071650 |
| 01/01/2027 | $451846898 |
| 07/01/2027 | $444448030 |
| 01/01/2028 | $436870849 |
| 07/01/2028 | $429111058 |
| 01/01/2029 | $421164256 |
| 07/01/2029 | $413025936 |
| 01/01/2030 | $404691483 |
| 07/01/2030 | $396156169 |
| 01/01/2031 | $387415154 |
| 07/01/2031 | $378463481 |
| 01/01/2032 | $369296073 |
| 07/01/2032 | $359907730 |
| 01/01/2033 | $350293128 |
| 07/01/2033 | $340446814 |
| 01/01/2034 | $330363204 |
| 07/01/2034 | $320036579 |
| 01/01/2035 | $309461082 |
| 07/01/2035 | $298630716 |
| 01/01/2036 | $287539338 |
| 07/01/2036 | $276180658 |
| 01/01/2037 | $264548234 |
| 07/01/2037 | $252635468 |
| 01/01/2038 | $240435604 |
| 07/01/2038 | $227941724 |
| 01/01/2039 | $215146741 |
| 07/01/2039 | $202043399 |
| 01/01/2040 | $188624267 |
| 07/01/2040 | $174881734 |
| 01/01/2041 | $160808005 |
| 07/01/2041 | $146395100 |
| 01/01/2042 | $131634844 |
| 07/01/2042 | $116518865 |
| 01/01/2043 | $101038591 |
| 07/01/2043 | $85185243 |
| 01/01/2044 | $68949829 |
| 07/01/2044 | $52323142 |
| 01/01/2045 | $35295751 |
| 07/01/2045 | $17858000 |
| 01/01/2046 | $0 |

---

Subject to the terms and conditions in the underwriting agreement among DEP NC Storm Funding II, DEP and the underwriters, for whom RBC Capital Markets, LLC and Barclays Capital Inc. are acting as representatives, we have agreed to sell to the underwriters, and the underwriters have severally agreed to purchase, the principal amount of the Bonds listed opposite each underwriter's name below:

---

| | |
|:---|:---|
| **Underwriter** | **Tranche A-1** |
| RBC Capital Markets, LLC | $230325000 |
| Barclays Capital Inc. | $181955000 |
| Academy Securities, Inc. | $16122000 |
| CastleOak Securities, L.P. | $16122000 |
| CAVU Securities LLC | $16122000 |
| **Total** | $**460646000** |

---

The underwriters may allow, and dealers may reallow, a discount not to exceed the percentage listed below:

---

| | | |
|:---|:---|:---|
|  | Selling<br> Concession | Reallowance<br> Discount |
| Tranche A-1 | 0.24% | 0.12% |

---

After the initial public offering, the public offering prices, selling concessions and reallowance discounts may change.

**Weighted Average Life Sensitivity**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **-5%<br> (1.39 Standard<br> Deviations from Mean)** | **-5%<br> (1.39 Standard<br> Deviations from Mean)** | **-15%<br> (6.15 Standard<br> Deviations from Mean)** | **-15%<br> (6.15 Standard<br> Deviations from Mean)** |
| <br>**Tranche** |<br>**Expected Weighted<br> Average Life (Years)** | **WAL (yrs)** | **Change (days)<sup>(1)</sup>** | **WAL (yrs)** | C**hange (days)<sup>(1)</sup>** |
| A-1 | 12.20 | 12.20 | 0 | 12.26 | 21 |

---

**<sup>(1)</sup>** Number is rounded to whole days

**Assumptions**

In preparing the analysis above, the following assumptions, among others, have been made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in relation to the initial forecast, the forecast error stays constant over the life of the Bonds and
is equal to an overestimate of electricity consumption of 5% (1.39 standard deviations from mean) or 15% (6.15 standard deviations from
mean);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the servicer makes timely and accurate semi-annually true-up adjustments (at least quarterly beginning
twelve months prior to the scheduled final payment date of the Bonds), but makes no interim true-up adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) customer write-off rates are held constant at 0.65%, and DEP remits all storm recovery charges on average
31 days after such charges are billed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for purposes of setting subsequent storm recovery charges, and for purposes of calculating actual storm
recovery charge collections, net charge-off rate as a percentage of billed revenue and the average days sales outstanding per customer
bill are both held constant at DEP's current levels which are based on the most recent six-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ongoing financing costs are equal to projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) during the first payment period, interest will accrue for approximately 9 months and the storm recovery
charges will be collected for approximately 7 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) there is no acceleration of the final maturity date of the Bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the principal amount and interest rate of the Bonds represent estimates based on current market conditions.
Other than as discussed above, there can be no assurance that the weighted average life or the events of default with respect to the Bonds
will be shown.

**RECENT DEVELOPMENTS**

Bernard J. Angelo, the independent manager of the Issuing Entity, has been selected to serve as an independent manager of two additional affiliates, Duke Energy Carolinas NC Storm Funding II and Duke Energy Carolinas SC Storm Funding. His biography on pages 9-10 and 49 of the prospectus will be updated accordingly.

**DEP and the Issuing Entity have filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents DEP and the Issuing Entity have filed with the SEC as exhibits to the registration statement for more complete information about the Issuing Entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, DEP, the Issuing Entity, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling DEP collect at (800) 488-3853, RBC Capital Markets, LLC toll-free at 1-866-375-6829 and Barclays Capital Inc. toll-free at 1-888-603-5847.**