New Issue: Florida Power sells $1.25 billion floaters due 2023 at par to yield Libor plus 38 bps

By Cristal Cody

Tupelo, Miss., July 28 – Florida Power & Light Co. priced $1.25 billion of three-year floating-rate notes (A1/A) on Tuesday at par to yield Libor plus 38 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

Initial price talk was at the Libor plus 55 bps area.

Citigroup Global Markets Inc., Fifth Third Securities Inc., RBC Capital Markets, LLC, Regions Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for general corporate purposes.

Florida Power & Light is a Juno Beach, Fla.-based electric utility.

Issuer:	Florida Power & Light Co.
Amount:	$1.25 billion
Description:	Floating-rate notes
Maturity:	July 28, 2023
Bookrunners:	Citigroup Global Markets Inc., Fifth Third Securities Inc., RBC Capital Markets, LLC, Regions Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
Co-manager:	Academy Securities, Inc.
Junior co-managers:	C.L. King & Associates, Inc. and Guzman & Co.
Coupon:	Libor plus 38 bps
Price:	Par
Yield:	Libor plus 38 bps
Call feature:	On or after Jan. 28, 2021 at par
Trade date:	July 28
Settlement date:	July 31
Ratings:	Moody’s: A1
	S&P: A
Distribution:	SEC registered
Price guidance:	Libor plus 55 bps area

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