Published on 8/19/2020 in the Prospect News Investment Grade Daily.
New Issue: Florida Power prices $145.1 million 50-year floating-rate notes at Libor minus 30 bps
By Cristal Cody
Tupelo, Miss., Aug. 19 – Florida Power & Light Co. priced $145,106,000 of floating-rate notes due Aug. 24, 2070 on Wednesday at par to yield Libor minus 30 basis points, according to an FWP filing with the Securities and Exchange Commission.
UBS Securities LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
Florida Power & Light is a Juno Beach, Fla.-based electric utility.
Issuer: | Florida Power & Light Co.
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Amount: | $145,106,000
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Description: | Floating-rate notes
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Maturity: | Aug. 24, 2070
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Bookrunners: | UBS Securities LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC
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Coupon: | Libor minus 30 bps
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Price: | Par
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Yield: | Libor minus 30 bps
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Call features: | On or after Aug. 24, 2050 at par plus a premium and semiannually at par beginning on Aug. 24, 2060
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Put option: | Aug. 24, 2021 and semiannually through Aug. 24, 2031 and thereafter on Aug. 24 of every subsequent second year through Aug. 24, 2067
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Trade date: | Aug. 19
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Settlement date: | Aug. 24
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Ratings: | Moody’s: A1
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| S&P: A
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Distribution: | SEC registered
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