By Andrea Heisinger
Omaha, Sept. 10 - FPL Group Capital Inc. priced $250 million in 60-year 7.3% junior subordinated debentures Monday at a spread of 300 basis points over the 10-year Treasury.
The notes (A3/BBB+) have a price of 99.775 with a yield of 7.333%.
They are non-callable for 10 years, and have a fixed rate until Sept. 1, 2017, when they turn into floating-rate notes with a rate of three-month Libor plus 334.75 bps.
Bookrunners were Barclays Capital Inc., Greenwich Capital Markets, J.P. Morgan Securities Inc. and Wachovia Capital Markets LLC.
FPL is a power company based in Juno Beach, Fla.
| Issuer: | FPL Group Capital Inc.
|
| Issue: | Junior subordinated debentures
|
| Amount: | $250 million
|
| Maturity: | Sept. 1, 2067
|
| Bookrunners: | Barclays Capital Inc., Greenwich Capital Markets, J.P. Morgan Securities Inc., Wachovia Capital Markets LLC
|
| Coupon: | 7.3%, switching to three-month Libor plus 334.75 bps after 10 years
|
| Price: | 99.775
|
| Yield: | 7.333%
|
| Spread: | 300 bps over 10-year Treasury
|
| Call: | Non-callable for 10 years
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 17
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
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