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FPL Group, Inc. closes $6.5 billion of new credit facilities

JUNO BEACH, Fla. -- FPL Group, Inc. (NYSE: FPL) announced today the completion and closing on $6.5 billion of new credit facilities, effective April 3, 2007, of which $4 billion is dedicated to FPL Group Capital Inc with the remaining $2.5 billion allocated to Florida Power & Light Company.

Moray Dewhurst, chief financial officer for FPL Group, said, “I am pleased to announce the closing of our new five year corporate credit facility. With the completion of this facility we have $6.5 billion of credit lines to support the daily operations of the company.  In addition, a strong balance sheet and ample liquidity are required to meet the growth initiatives for the company over the coming years.  I am particularly encouraged by the support of 41 financial institutions in our credit facility and believe this strong participation is representative of the market's reaction to the strategic direction of the company.”

J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC were lead arrangers on the $4 billion FPL Group Capital Inc transaction with Citigroup Global Markets Inc. and Banc of America Securities LLC acting as lead arrangers on the $2.5 billion Florida Power & Light Company facility.

FPL Group, with annual revenues of nearly $16 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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