FPL Announces Sale of $250 Million of First Mortgage Bonds

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Jun 06, 2011, 05:07 ET

JUNO BEACH, Fla., June 6, 2011 /PRNewswire-FirstCall/ -- Florida Power & Light Company (FPL) today announced the sale of $250 million in principal amount of its 30-year first mortgage bonds bearing interest at 5.125 percent per year and maturing on June 1, 2041.

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The first mortgage bonds were offered to the public at 99.910 percent of face value to yield 5.131 percent when held to maturity.

Net proceeds from the sale will be added to FPL's general funds, which the company expects to use to repay a portion of its outstanding commercial paper obligations and for other general corporate purposes.

The sale was underwritten by a group that includes BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, J.P. Morgan Securities LLC and Mitsubishi UFJ Securities (USA), Inc. as joint book-running managers. The co-managers are Daiwa Capital Markets America Inc., Lloyds Securities Inc. and SG Americas Securities, LLC. A prospectus relating to these first mortgage bonds may be obtained from BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, J.P. Morgan Securities LLC and Mitsubishi UFJ Securities (USA), Inc.

Florida Power & Light Company

Florida Power & Light Company is the largest electric utility in Florida and one of the largest rate-regulated utilities in the United States. FPL serves 4.5 million customer accounts in Florida and is a leading employer in the state with approximately 10,000 employees. The company consistently outperforms national averages for service reliability while customer bills are below the national average. A clean energy leader, FPL has one of the lowest emissions profiles and one of the leading energy efficiency programs among utilities nationwide. FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.FPL.com.

SOURCE Florida Power & Light Company