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FPL Group Capital announces sales of a total of $600 million of debentures guaranteed by FPL Group

JUNO BEACH, Fla. -- FPL Group Capital Inc today announced the sale of $200 million principal amount of debentures bearing interest at 1-7/8 percent per year and the sale of $400 million principal amount of floating rate debentures bearing interest at three months LIBOR plus 30 basis points. Interest on the floating rate debentures will be reset quarterly. These debentures will be absolutely, irrevocably and unconditionally guaranteed by FPL Group Capital's parent company, FPL Group, Inc. (NYSE: FPL).

The $200 million debentures due March 30, 2005 will be offered to the public at 99.953 percent of par to yield 1.907 percent when held to maturity. The floating rate debentures also due March 30, 2005 will be offered to the public at 100% of par.
Net proceeds from these sales will be added to FPL Group Capital's general funds and are expected to be used to repay a portion of commercial paper issued to fund investments by FPL Group Capital in independent power projects.

These sales were underwritten by a group that includes Banc of America Securities LLC, Citigroup, JPMorgan and Wachovia Securities as lead managers. The co-managers are Banc One Capital Markets, Inc., Barclays Capital, Royal Bank of Scotland and Scotia Capital.

FPL Group, with annual revenues of more than $8 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 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

Registration statements related to this offering have been filed with the Securities and Exchange Commission and have become effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from the lead managers.

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