JUNO BEACH, Fla. – FPL Group Capital Inc sold $50 million principal amount of its seven-year debentures on Dec. 30, 2008. The debentures bear interest at 7 7/8 percent per year and will mature Dec. 15, 2015. The debentures are guaranteed by FPL Group Capital’s parent company, FPL Group, Inc. (NYSE: FPL).
The debentures were offered at 106.861 percent of par to yield 6.627 percent when held to maturity.
The debentures are a further issuance of, and form a single series with, FPL Group Capital’s $450 million aggregate principal amount of 7 7/8 % Debentures, Series due Dec. 15, 2015, issued on Dec. 12, 2008.
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, including renewable power projects.
The sale was underwritten by a group that includes Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., and Mizuho Securities USA Inc. as lead managers. The co-managers are BNY Mellon Capital Markets LLC, Mitsubishi UFJ Securities International plc, and Wells Fargo Securities LLC. A prospectus relating to these debentures may be obtained from Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., and Mizuho Securities USA Inc.
FPL Group, with annual revenues of over $15 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 rate-regulated 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 atwww.FPLGroup.com, www.FPL.com, and www.FPLEnergy.com.