New Issue: Florida Power & Light prices $99.33 million 50-year floaters at Libor minus 30 bps

By Cristal Cody

Tupelo, Miss., Nov. 8 – Florida Power & Light Co. priced $99.33 million of floating-rate notes due Nov. 14, 2068 (A1/A-) at par to yield Libor minus 30 basis points on Thursday, according to an FWP filing with the Securities and Exchange Commission.

The rate on the notes will be reset quarterly beginning Feb. 14, 2019.

UBS Securities LLC, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and BofA Merrill Lynch 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.
Amount:	$99.33 million
Description:	Floating-rate notes
Maturity:	Nov. 14, 2068
Bookrunners:	UBS Securities LLC, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and BofA Merrill Lynch
Coupon:	Libor minus 30 bps
Price:	Par
Yield:	Libor minus 30 bps
Call features:	On or after Nov. 14, 2048 at 105, with the price decreasing annually by 50 bps until it reaches par on Nov. 14, 2058; thereafter at par
Put options:	Nov. 14, 2019 at 98, with the price increasing to 99 on May 14, 2024 and to par on Nov. 14, 2029; thereafter putable at par on Nov. 14 of every second year through Nov. 14, 2065
Trade date:	Nov. 8
Settlement date:	Nov. 14
Ratings:	Moody’s: A1
	S&P: A-
Distribution:	SEC registered

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