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FPL announces sale of $240 million of first mortgage bonds
JUNO BEACH, Fla. – Florida Power & Light Company today announced the sale of $240 million principal amount of 31-year first mortgage bonds bearing interest at 5.65 percent per year and maturing on February 1, 2035.
The first mortgage bonds will be offered to the public at 99.724 percent of par to yield 5.669 percent when held to maturity.
Net proceeds from the sale will be added to Florida Power & Light Company’s general funds and are expected to be used to repay a portion of Florida Power & Light Company’s short-term borrowings and for other corporate purposes.
The sale was underwritten by a group that includes Banc of America Securities LLC and J.P. Morgan Securities Inc. as lead managers. The co-managers are ABN AMRO Incorporated, Banc One Capital Markets, Inc., Lazard Frères & Co. LLC, McDonald Investments Inc., Scotia Capital (USA) Inc., and The Royal Bank of Scotland plc. A prospectus relating to these first mortgage bonds may be obtained from Banc of America Securities LLC and J.P. Morgan Securities Inc.
Florida Power & Light Company is the principal subsidiary of FPL Group, Inc. (NYSE: FPL), nationally known as a high quality, efficient and customer-driven organization focused on energy-related products and services. Florida Power & Light Company serves more than 4 million customer accounts in Florida.