Filed pursuant to Rule 433
November 16, 2009
Relating to
Preliminary Prospectus Supplement dated November 16, 2009 to
Prospectus dated October 3, 2007
Registration Statement No. 333-146483-03
Duke Energy Carolinas, LLC
First and Refunding Mortgage Bonds,
$750,000,000 5.30% Series due 2040
Pricing Term Sheet
    Duke Energy Carolinas, LLC  
Ratings (Moody’s/S&P):
    A1/A (stable/positive)
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
    November 19, 2009; T + 3  
Interest Payment Dates:
    February 15 and August 15, commencing August 15, 2010  
Security Description:
    First and Refunding Mortgage Bonds, 5.30% Series due 2040  
Principal Amount:
    February 15, 2040  
Benchmark Treasury:
    4.50% due August 15, 2039  
Benchmark Treasury Yield:
Spread to Benchmark Treasury:
    +105 bp  
Yield to Maturity:
Initial Price to Public:
    99.573% per Bond  
Redemption Provisions:
     Make-Whole Call:
    +20 bp  
Book-Running Managers:
    Banc of America Securities LLC
Citigroup Global Markets Inc.
Morgan Stanley & Co. Incorporated
Wells Fargo Securities, LLC
    BBVA Securities Inc.
Banca IMI S.p.A.
Goldman, Sachs & Co.
Scotia Capital (USA) Inc.
SunTrust Robinson Humphrey, Inc.
Junior Co-Managers:
    Blaylock Robert Van, LLC
SL Hare Capital, Inc.
CastleOak Securities, L.P.
Toussaint Capital Partners, LLC
Cabrera Capital Markets, LLC
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Banc of America Securities LLC toll free at 1-800-294-1322, Citigroup Global Markets Inc. toll free at 1-877-858-5407, Morgan Stanley & Co. Incorporated toll free at 1-866-718-1649 or Wells Fargo Securities, LLC toll free at 1-800-326-5897.