JUNO BEACH, Fla., Oct. 10, 2017 /PRNewswire/ -- NextEra Energy Capital Holdings, Inc. ("NEE Capital"), a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that FPL Group Capital Trust I will redeem on Nov. 9, 2017, ("redemption date") all of its outstanding 5 7/8 percent preferred trust securities (NYSE:NEE_prC) (CUSIP: 302570V 207) ("preferred trust securities") at the redemption price ("redemption price") of $25 (the liquidation amount of each preferred trust security) plus accumulated and unpaid distributions from Sept. 15, 2017, to the redemption date in the amount per preferred trust security of 0.2203125. The total liquidation amount of the preferred trust securities is $300 million.
The preferred trust securities were issued in March 2004 by FPL Group Capital Trust I. The sole assets of FPL Group Capital Trust I are the 5 7/8 percent junior subordinated debentures, Series due March 15, 2044, ("debentures") of NEE Capital. NEE Capital has elected to redeem the debentures and such redemption will result in the redemption of the preferred trust securities on the redemption date. The redemption of the preferred trust securities will be made only to the extent that FPL Group Capital Trust I receives proceeds from the contemporaneous redemption by NEE Capital on the redemption date of all of the debentures.
On the redemption date, provided that The Bank of New York Mellon, as paying agent, has received sufficient funds to complete the redemption, the preferred trust securities shall become due and payable and will cease to accrue distributions.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.