JUNO BEACH, Fla. ‑ Florida Power & Light Company today announced the sale of $300 million principal amount of 10‑year first mortgage bonds bearing interest at 5.55 percent per year and maturing on November 1, 2017.
The first mortgage bonds will be offered to the public at 99.972 percent of par to yield 5.553 percent when held to maturity.
Net proceeds from the sale will be added to Florida Power & Light Company's general funds and Florida Power & Light Company expects to use its general funds to repay Florida Power & Light Company's short‑term borrowings and for other corporate purposes.
The sale was underwritten by a group that includes Banc of America Securities LLC, BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC as joint book‑running managers. The co‑managers are Daiwa Securities America Inc., Morgan Keegan & Company, Inc., Piper Jaffray & Co., Scotia Capital (USA) Inc. and Sovereign Securities Corporation, LLC. A prospectus relating to these first mortgage bonds may be obtained from Banc of America Securities LLC, BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC.
Florida Power & Light Company is the principal subsidiary of FPL Group, Inc. (NYSE: FPL), nationally known as a high quality, efficient and customer‑driven organization focused on energy‑related products and services. With annual revenues in 2006 of $15.7 billion and a growing presence in 27 states, FPL Group is widely recognized as one of the country's premier power companies. Florida Power & Light Company serves approximately 4.5 million customer accounts in Florida. FPL Energy, LLC, FPL Group's competitive energy subsidiary is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at www.FPL.com, www.FPLGroup.com and www.FPLEnergy.com.