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S&P rates NextEra notes BBB
S&P said it assigned a BBB rating to NextEra Energy Inc.'s $1.5 billion 1.65% series I equity units due Sept. 1, 2021.
The equity units consist of a purchase contract that obligates the owner to purchase NextEra's common stock in September 2019 and a re-marketable debenture, the agency said.
The proceeds will be used to fund a portion of the company’s proposed acquisition of Oncor Electric Delivery Co. LLC, S&P said.
These hybrid securities have high (100%) equity content, the agency said.
The rating on the notes is two notches below the company’s A- issuer credit rating, S&P said.
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