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FPL Group, Inc. closes $3 billion of new credit facilities
JUNO BEACH, Fla. -- FPL Group, Inc. (NYSE: FPL) today announced the completion and closing on $3 billion of new credit facilities, effective October 21, 2003, of which $1 billion is dedicated to Florida Power & Light Company with the remaining $2 billion allocated to FPL Group Capital Inc.
Moray Dewhurst, chief financial officer for FPL Group, said, “I am pleased to announce the closing of our new corporate credit facility. With the completion of this facility we have $3 billion of credit lines to support the daily operations of the company. Liquidity continues to be very important in today’s market and I am pleased to have the support of our banking partners. Receiving this amount of credit support at this time is a testament to the financial strength of the company and the recognition of management’s ongoing commitment to financial discipline”.
J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC were lead arrangers on the $1 billion Florida Power & Light Company transaction with Citigroup Global Markets Inc. and Banc of America Securities LLC acting as lead arrangers on the $2 billion FPL Group Capital Inc facility.
FPL Group, with annual revenues of more than $9 billion, is nationally known as a high quality, efficient, and customer-driven organization focused on energy-related products and services. With a growing presence in 24 states, it is widely recognized as one of the country's premier power companies. Its principal subsidiary, Florida Power & Light Company, serves more than 4 million customer accounts in Florida. FPL Energy, LLC, an FPL Group energy-generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at www.FPLGroup.com, www.FPL.com andwww.FPLEnergy.com.