FPL Announces Sale of $500 Million of First Mortgage Bonds

Business Wire

posted: 6 DAYS 10 HOURS AGO

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Florida Power & Light Company (FPL) today announced the sale of $500 million principal amount 30-year first mortgage bonds bearing interest at 5.69 percent per year and maturing on March 1, 2040.

The first mortgage bonds will be offered to the public at 99.866 percent of face value to yield 5.699 percent when held to maturity.

Net proceeds from the sale will be added to FPL’s general funds. The company expects to use its general funds to repay short-term borrowings and for other general corporate purposes.

The sale was underwritten by a group that includes Banc of America Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, and Mitsubishi UFJ Securities (USA) Inc. as joint book-running managers. The co-managers are BBVA Securities Inc., KeyBanc Capital Markets Inc., Santander Investment Securities Inc., The Williams Capital Group L.P., U.S. Bancorp Investments Inc., and UniCredit Capital Markets Inc. A prospectus relating to these first mortgage bonds may be obtained from Banc of America Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, and Mitsubishi UFJ Securities (USA) Inc.

Florida Power & Light Company

Florida Power & Light Company (FPL) is the largest electric utility in Florida and one of the largest rate-regulated utilities in the United States. FPL serves approximately 4.5 million customer accounts in Florida and is a leading employer in the state with 10,500 employees. The company consistently outperforms national averages for service reliability while customer bills are below the national average. A clean energy leader, FPL has one of the lowest emissions profiles and the No. 1 energy efficiency program among utilities nationwide. FPL is a subsidiary of Juno Beach, Fla.-based FPL Group, Inc. (NYSE: FPL). For more information, visit www.FPL.com.