By Andrea Heisinger
New York, May 13 - FPL Group Capital Inc. sold $250 million of 2.55% debentures due Nov. 15, 2013 on Thursday to yield Treasuries plus 115 basis points, an informed source said.
The notes (Baa1/BBB+/A-) priced at 99.934 to yield 2.57%. The have a make-whole call of Treasuries plus 20 bps.
The deal is guaranteed by parent company FPL Group, Inc.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.
Proceeds are being added to the company's general funds to repay a portion of outstanding commercial paper.
The utility is based in Juno Beach, Fla.
Issuer: | FPL Group Capital Inc.
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Issue: | Debentures
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Guarantor: | FPL Group, Inc.
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Amount: | $250 million
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Maturity: | Nov. 15, 2013
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Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
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Coupon: | 2.55%
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Price: | 99.934
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Yield: | 2.57%
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Spread: | Treasuries plus 115 bps
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Call: | Make-whole at Treasuries plus 20 bps
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Trade date: | May 13
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Settlement date: | May 18
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Ratings: | Moody's: Baa1
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| Standard & Poor's: BBB+
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| Fitch: A-
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Price talk: | 115 bps area
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