Florida Power & Light Company (FPL) has announced that it has sold $500 million principal amount 30 year first mortgage bonds. The bonds had an interest of 5.69% per year and was maturing on March 1, 2040. The bonds will be offered to the public at 99.866% of face value to yield 5.699% when held to maturity. The net proceeds from the sale will be added to the company’s general funds. The general funds will be used to repay short term borrowings and general corporate purposes. Banc of America Securities LLC, Citigroup Global Markets Inc, Credit Suisse Securities, and Mitsubishi UFJ Securities served as underwriters for the sale.
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Florida Power & Light Company (FPL) is the largest electric utility in Florida and one of the largest rate-regulated utilities in the United States. FPL serves approximately 4.5 million customer accounts in Florida and is a leading employer in the state with 10,500 employees. The company consistently outperforms national averages for service reliability while customer bills are below the national average. A clean energy leader, FPL has one of the lowest emissions profiles and the No. 1 energy efficiency program among utilities nationwide. FPL is a subsidiary of Juno Beach, Fla.-based FPL Group, Inc.
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