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FPL Group Capital announces sale of $350 million of Series A

JUNO BEACHFla. – FPL Group Capital Inc today announced the sale of $350 million principal amount of Series A Enhanced Junior Subordinated Debentures bearing interest at 6.60 percent per year.  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 due October 1, 2066 will be offered to the public at a price of $25 per debenture. 

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 and to repay outstanding long-term debt obligations.

The sale was underwritten by Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, UBS Securities LLC, and Wachovia Capital Markets, LLC as joint book-running managers.  The junior co-managers are A.G. Edwards & Sons Inc., Lehman Brothers Inc., Raymond James & Associates, Inc., and Wells Fargo Securities, LLC.  Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as structuring advisor for this transaction.

FPL Group, with annual revenues of more than $11 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 26 states, it is widely recognized as one of the country’s premier power companies. Its principal subsidiary, Florida Power & Light Company, serves 4.4 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 at

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