JUNO BEACH, Fla., Jan. 30 /PRNewswire-FirstCall/ -- FPL Group, Inc.
(NYSE: FPL) announced today that it has completed pricing of $500 million of
Equity Units and has granted the underwriters an option to purchase an
additional $75 million of Equity Units to cover over-allotments. The Equity
Units have been approved for listing on the New York Stock Exchange under the
ticker symbol FPLPrA and are expected to be issued next week.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010621/FPLLOGO )
The Equity Units will initially be Corporate Units, which consist of an
unsecured $50 FPL Group Capital debenture and a contract to purchase FPL Group
common stock in the future. Total distributions on the Corporate Units will
be at the rate of 8.5 percent, consisting of interest on the debenture and
payments under the contract. The contract will specify a settlement date and
a range of prices related to the common stock purchase of $52.56 to $62.02.
This range reflects the closing price of FPL Group common stock on January 29
and an 18 percent premium over that price. At the settlement date, holders
must purchase the common stock with cash (which can be satisfied from proceeds
raised from re-marketing the debentures). The settlement date of the stock
purchase contract will occur in three years.
"Investors in these securities demonstrated a strong interest in FPL
Group, in particular our continued financial strength and our disciplined
growth plans," said Moray Dewhurst, chief financial officer.
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 help fund
projects currently under construction by the company's independent power
production business.
The joint lead managers for the offering are J. P. Morgan and Lehman
Brothers.
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 and 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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CONTACT:
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Communications, Media Line, +1-305-552-3888
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