FPL Group Capital Announces Sale of $350 Million of Series E Junior Subordinated Debentures Guaranteed by FPL Group
FPL Group Capital Inc today announced the sale of $350 million principal amount of Series E Junior Subordinated Debentures bearing interest at 7.45 percent per year. The junior subordinated debentures will be fully and unconditionally guaranteed on a subordinated basis by FPL Group Capitalís parent company, FPL Group, Inc. (NYSE:FPL).
The junior subordinated debentures due September 1, 2067 will be offered to the public at a price of $25 per debenture.
Net proceeds from the sale will be added to FPL Group Capitalís general funds and FPL Group Capital expects to use its general funds to repay a portion of commercial paper issued to fund investments by FPL Group Capital in independent power projects.
The sale was underwritten by Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, UBS Securities LLC, and Wachovia Capital Markets, LLC as joint book‑running managers. The junior co‑managers were A.G. Edwards & Sons, Inc., Banc of America Securities LLC, Lehman Brothers Inc., Raymond James & Associates, Inc. and RBC Dain Rauscher Inc. Wachovia Capital Markets, LLC acted as structuring advisor for this transaction.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.