DUKE ENERGY OHIO, INC. $100,000,000 FIRST MORTGAGE BONDS, 3.70% SERIES, DUE June 15, 2046 UNDERWRITING AGREEMENTUnderwriting Agreement • March 27th, 2017 • Duke Energy Ohio, Inc. • Electric & other services combined • Ohio
Redemption Provisions: At any time before December 15, 2045 (which is the date that is six months prior to maturity of the Mortgage Bonds (the “Par Call Date”)), the Mortgage Bonds will be redeemable in whole or in part, at the issuer’s option at any time, at a redemption price equal to the greater of (i) 100% of the principal amount of the Mortgage Bonds being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Mortgage Bonds being redeemed that would be due if the Mortgage Bonds matured on the Par Call Date (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus 20 basis points, plus, in each case, accrued and unpaid interest on the principal amount of the Mortgage Bonds being redeemed to, but excluding, the date of redemption. At any time on or after the Par Call Date, the Mo
