FPL Group Capital Trust I plans to redeem on Nov. 9 all of its outstanding 5 7/8% preferred trust securities, worth $300 million in liquidation amount.
The preferred trust securities will be redeemed at the redemption price of $25, plus accumulated and unpaid distributions from Sept. 15 in the amount per preferred trust security of 0.2203125, according to an Oct. 10 press release.
FPL Group Capital Trust I will redeem the securities with the proceeds it will receive from NextEra Energy Capital Holding. NextEra Energy Capital will redeem all of its 5 7/8% junior subordinated debentures, Series due March 15, 2044, on Nov. 9 and transfer the proceeds to FPL Group Capital.
The Bank of New York Mellon will be acting as paying agent. NextEra Energy Capital is a NextEra Energy Inc. subsidiary.