Florida Power & Light Co. sold $42.7 million of floating-rate notes due March 27, 2069, to repay a portion of its $270 million outstanding commercial paper obligations.

The utility will temporarily invest in short-term instruments any proceeds that are not immediately used for that purpose.

The NextEra Energy Inc. subsidiary will pay interest quarterly on notes at a rate equal to three-month LIBOR minus 0.30%. The interest rate will be reset quarterly on every 27th of March, June, September and December of each year, starting June 27. The notes are expected to be rated A1 by Moody's and A- by S&P Global Ratings, according to a free writing prospectus.

The transaction is expected to settle March 27.

UBS Securities LLC, RBC Capital Markets LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Merrill Lynch Pierce Fenner & Smith Inc. acted as joint book-running managers.