By Andrea Heisinger
New York, May 10 - Florida Power & Light Co. priced an upsized $600 million of 4.05% 30-year first mortgage bonds on Thursday at a spread of 100 basis points over Treasuries, a source away from the trade said.
The deal size was increased from $400 million.
The notes (Aa3/A/AA-) were priced at 99.86 to yield 4.058%.
There's a make-whole call at 15 bps over Treasuries until Dec. 1, 2041 and a par call after that date.
Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC and RBS Securities Inc. were the bookrunners.
Co-managers were BNP Paribas Securities Corp., BNY Mellon Capital Markets LLC, CIBC World Markets Corp., Credit Agricole Securities (USA) Inc., Lloyds Securities, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
Proceeds are being added to the company's general funds and used to repay a portion of outstanding commercial paper and for other general corporate purposes.
The electric subsidiary of NextEra Energy is based in Juno Beach, Fla.
| Issuer: | Florida Power & Light Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $600 million, increased from $400 million
|
| Maturity: | June 1, 2042
|
| Bookrunners: | Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC, RBS Securities Inc.
|
| Co-managers: | BNP Paribas Securities Corp., BNY Mellon Capital Markets LLC, CIBC World Markets Corp., Credit Agricole Securities (USA) Inc., Lloyds Securities, TD Securities (USA) LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 4.05%
|
| Price: | 99.86
|
| Yield: | 4.058%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Make-whole at Treasuries plus 15 bps until Dec. 1, 2041, par call after
|
| Trade date: | May 10
|
| Settlement date: | May 15
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A
|
| Fitch: AA-
|
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