JUNO BEACH, Fla., Jan. 28 /PRNewswire-FirstCall/ -- FPL Group, Inc.
(NYSE: FPL) and its wholly owned subsidiary, FPL Group Capital Inc, announced
today plans to offer at least $500 million in publicly traded equity units
this week, subject to market conditions.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010621/FPLLOGO)
The equity units consist of a $50 FPL Group Capital debenture and a
contract to purchase FPL Group common stock in the future. The debenture is
expected to have a term of five years and will be guaranteed by FPL Group.
The stock purchase contract will require the holder to purchase FPL Group
common stock for cash (which can be satisfied from proceeds raised from
remarketing the FPL Group Capital debentures) pursuant to a pricing range
agreed to at the time the equity units are issued. The settlement date of the
stock purchase contract is expected to occur in three years.
FPL Group Capital will add the net proceeds from the issuance of the
equity units to its general funds. 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.
FPL Group and FPL Group Capital have appointed J.P. Morgan and Lehman
Brothers as the joint-lead managers for the offering.
A registration statement related to this offering has been filed with the
Securities and Exchange Commission and has become effective. This press
release does not constitute an offer to sell or a solicitation of an offer to
buy the securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities law of any such jurisdiction. The offering may be made only by
means of a prospectus or related prospectus supplement, copies of which may be
obtained from J.P. Morgan and Lehman Brothers.
FPL Group, with annual revenues of more than $8 billion, is nationally
known as a high quality, efficient, and customer-driven organization focused
on energy-related products and services. With a growing presence in more than
15 states, it is widely recognized as one of the country's premier power
companies. Its principal subsidiary, Florida Power & Light Company, serves
approximately 3.9 million customer accounts in Florida. FPL Energy, LLC, an
FPL Group energy-generating subsidiary, is a leader in producing electricity
from clean and renewable fuels. FPL FiberNet, LLC is a leading provider of
fiber-optic networks in Florida. Additional information is available on the
Internet at http://www.fplgroup.com, http://www.fpl.com, http://www.fplenergy.com and
http://www.fplfibernet.com.
SOURCE FPL Group, Inc.
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Related links:
http://www.fpl.com
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CONTACT:
Corporate Communications, Florida Power &
Light Company, +1-305-552-3888
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