Florida Power & Light to sell floaters due 2068 at Libor plus 30 bps

By Cristal Cody

Tupelo, Miss., June 11 – Florida Power & Light Co. plans to price floating-rate notes due June 15, 2068 at Libor plus 30 basis points, according to a 424B5 filed Monday with the Securities and Exchange Commission.

The rate on the notes will be reset quarterly on March 15, June 15, Sept. 15 and Dec. 15 of every year beginning Sept. 15, 2018.

UBS Securities LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC are the bookrunners.

Florida Power & Light may redeem the notes on or after June 15, 2048 at 105; Dec. 15, 2048 at 105; June 15, 2049 at 104.5; Dec. 15, 2049 at 104.5; June 15, 2050 at 104; Dec 15, 2050 at 104; June 15, 2051 at 103.5; Dec. 15, 2051 at 103.5; June 15, 2052 at 103; Dec. 15, 2052 at 103; June 15, 2053 at 102.5; Dec. 15, 2053 at 102.5; June 15, 2054 at 102; Dec. 15, 2054 at 102; June 15, 2055 at 101.5; Dec. 15, 2055 at 101.5; June 15, 2056 at 101; Dec. 15, 2056 at 101; June 15, 2057 at 100.5; Dec. 15, 2057 at 100.5; June 15, 2058 at par and thereafter at par.

Proceeds will be added to the company’s general funds and used for general corporate purposes, including to repay outstanding commercial paper obligations. As of June 8, Florida Power & Light had about $1.05 billion of outstanding commercial paper obligations with maturities up to 174 days and annual interest rates ranging from 1.95% to 2.75%.

Florida Power & Light is a Juno Beach, Fla.-based electric utility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.