Florida Power & Light Co. sold $1 billion of its 3.95% first mortgage bonds due March 1, 2048, according to a free writing prospectus.
The NextEra Energy Inc. utility will add net proceeds to its general funds and use those funds for general corporate purposes, including repaying a portion of its $1 billion outstanding debts under several revolving credit facilities.
Interest on the bonds is payable semiannually on March 1 and Sept. 1 of each year, starting Sept. 1. The bonds have a spread to benchmark Treasury of 82 basis points and were expected to be rated Aa2 by Moody's, AA- by Fitch Ratings and A by S&P Global Ratings.
Barclays Capital Inc., Goldman Sachs & Co. LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc., Wells Fargo Securities LLC, BNY Mellon Capital Markets LLC, Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America Inc., SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC, U.S. Bancorp Investments Inc. and UBS Securities LLC acted as joint book-running managers.
BB&T Capital Markets, BMO Capital Markets Corp., Commerz Markets LLC, DNB Markets Inc., Fifth Third Securities Inc., Loop Capital Markets LLC, PNC Capital Markets LLC and The Williams Capital Group LP served as co-managers.
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