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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.


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