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FPL Group Capital announces sale of $250 million of Series D Junior Subordinated Debentures guaranteed by FPL Group

JUNO BEACH, Fla. – FPL Group Capital Inc today announced the sale of $250 million principal amount of Series D Junior Subordinated Debentures due September 1, 2067. The junior subordinated debentures will initially bear interest at 7.30 percent per year payable semi-annually.  Beginning September 1, 2017, the junior subordinated debentures will bear interest at the Three-Month LIBOR Rate plus 334.75 basis points, reset and payable quarterly.  The junior subordinated debentures will be fully and unconditionally guaranteed on a subordinated basis by FPL Group Capital’s parent company, FPL Group, Inc. (NYSE: FPL).

The junior subordinated debentures will be offered to the public at 99.775 percent of par. 

Net proceeds from the sale will be added to FPL Group Capital’s general funds and FPL Group Capital expects to use its general funds to repay a portion of commercial paper issued to fund investments by FPL Group Capital in independent power projects. 

The sale was underwritten by Barclays Capital Inc., Greenwich Capital Markets, Inc., J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC as joint book-running managers.  The co-managers were BBVA Securities, Inc., Bear, Stearns & Co. Inc., Deutsche Bank Securities Inc., HVB Capital Markets, Inc., Lazard Capital Markets LLC and The Williams Capital Group, L.P. Wachovia Capital Markets, LLC acted as structuring advisor for this transaction.    

FPL Group, with annual revenues in 2006 of $15.7 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 27 states, it is widely recognized as one of the country’s premier power companies.  Its principal subsidiary, Florida Power & Light Company, serves approximately 4.5 million customer accounts in Florida. FPL Energy, LLC, an FPL Group competitive energy subsidiary, is a leader in producing electricity from clean and renewable fuels.  Additional information is available on the Internet and

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