FPL Group Capital Announces Sale of $350 Million of Series B Enhanced Junior Subordinated Debentures Guaranteed by FPL Group.
The corrected release reads:
FPL GROUP CAPITAL ANNOUNCES SALE OF $350 MILLION OF SERIES B ENHANCED JUNIOR SUBORDINATED DEBENTURES GUARANTEED BY FPL GROUP
FPL Group Capital Inc. today announced the sale of $350 million principal amount of Series B Enhanced Junior Subordinated Debentures due October 1, 2066. The junior subordinated debentures will initially bear interest at 6.35 percent per year. Beginning October 1, 2016, the junior subordinated debentures will bear interest at the Three-Month LIBOR Rate plus 206.75 basis points, reset quarterly. The junior subordinated debentures will be fully and unconditionally guaranteed on a subordinated basis by FPL Group Capital's parent company, FPL Group, Inc. (NYSE:FPL).
The junior subordinated debentures will be offered to the public at 99.872 percent of par.
Net proceeds from the sale will be added to FPL Group Capital's general funds and FPL Group Capital expects to use its general funds to repay a portion of commercial paper issued to fund investments by FPL Group Capital in independent power projects and to repay outstanding long-term debt obligations.
The sale was underwritten by Banc of America Securities LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc., Lehman Brothers Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint book-running managers. The co-managers are ABN AMRO Incorporated, Barclays Capital Inc., Calyon Securities (USA) Inc., Greenwich Capital Markets, Inc., Lazard Capital Markets LLC, McDonald Investments Inc., and Scotia Capital (USA) Inc. Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as structuring advisor for this transaction.
FPL Group, with annual revenues of more than $11 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 4.4 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 http://www.FPLGroup.com, http://www.FPL.com and http://www.FPLEnergy.com.
Note to Editors: High-resolution logos and executive head shots are available for download at http://www.fpl.com/news/logos.shtml.
|Printer friendly Cite/link Email Feedback|
|Date:||Sep 13, 2006|
|Previous Article:||Start the Day in a Happy Way with New Fruity Cheerios(R) Cereal.|
|Next Article:||RGA Focuses on Growth in SoCal Tech Sector.|