By Andrea Heisinger
New York, March 12 - FPL Group Capital priced $350 million of 8.75% 60-year junior subordinated debentures Thursday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
The notes (A3/BBB+/A-) priced at par of $25 to yield 8.75%. Interest is payable quarterly.
The notes are callable at par beginning March 1, 2014.
Bookrunners were Banc of America Securities LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., UBS Investment Bank and Wachovia Capital Markets.
Junior co-managers were Raymond James and RBC Capital Markets.
Proceeds will be added to the company's general funds.
The capital-holding subsidiary of FPL Group is based in Juno Beach, Fla.
| Issuer: | FPL Group Capital
|
| Guarantor: | FPL Group Inc.
|
| Issue: | Junior subordinated debentures
|
| Amount: | $350 million
|
| Maturity: | March 1, 2069
|
| Bookrunners: | Banc of America Securities LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., UBS Investment Bank, Wachovia Capital Markets
|
| Junior co-managers: | Raymond James, RBC Capital Markets
|
| Coupon: | 8.75%, payable quarterly
|
| Price: | Par of $25
|
| Yield: | 8.75%
|
| Call: | Beginning March 1, 2014 at par
|
| Trade date: | March 12
|
| Settlement date: | March 19
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
