Printer Friendly

FPL ANNOUNCES SALE OF PREFERRED STOCK

 FPL ANNOUNCES SALE OF PREFERRED STOCK
 MIAMI, March 19 /PRNewswire/ -- Florida Power & Light Company


today accepted an offer of $24.36 per share as the net price to the company for the sale of 5 million shares of FPL's No Par Preferred Stock, Series A. The preferred stock will have a dividend rate of 8 percent and pay an annual dividend of $2 per share. The effective cost to FPL will be 8.2102 percent.
 The preferred stock will be offered to the public at a price of $25 per share by the underwriting group headed by Lehman Brothers. The effective yield to the public will be 8 percent.
 The net proceeds from the sale, approximately $121.8 million, will be used to support FPL's construction program, to redeem 500,000 shares of FPL's 9.25 percent Preferred Stock, Series H and for general corporate purposes.
 A copy of the prospectus relating to these securities can be obtained from the underwriters.
 FPL is one of the largest investor-owned electric utilities in the nation and is the principal subsidiary of FPL Group, Inc. (NYSE: FPL).
 -0- 3/19/92
 /CONTACT: Dale Thomas of Florida Power & Light Co., corporate communications, 305-552-3894 or 305-552-3895/
 (FPL) CO: Florida Power & Light Co. ST: Florida IN: UTI SU:


SS-JJ -- FL008 -- 9685 03/19/92 12:25 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 19, 1992
Words:221
Previous Article:ANDERSON NAMED TELTECH CEO
Next Article:ONCOR APPOINTS GLENN P. FREIBERG VICE PRESIDENT FOR CLINICAL AFFAIRS
Topics:


Related Articles
FPL GROUP DECLARES REGULAR QUARTERLY DIVIDEND
FPL GROUP COMPLETES COMMON STOCK OFFERING
FPL GROUP DECLARES REGULAR QUARTERLY DIVIDEND
FPL GROUP INCREASES COMMON STOCK DIVIDEND
FPL GROUP REGISTERS FOR COMMON STOCK SALE
FPL GROUP DECLARES REGULAR QUARTERLY DIVIDEND
FPL GROUP EXTENDS ODDLOT PROGRAM DEADLINE
FPL ANNOUNCES SALE OF PREFERRED STOCK
FPL OFFERS TO EXCHANGE DEBENTURES FOR PREFERRED STOCK
ADELPHIA COMMUNICATIONS REANNOUNCES PROPOSED TRANSACTIONS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters