JUNO BEACH, Fla., May 9 /PRNewswire/ -- FPL Group Capital Inc. today
announced the sale of $500-million principal amount of six-year debentures
bearing interest at 6 1/8 percent per year. The debentures will be absolutely,
irrevocably and unconditionally guaranteed by FPL Group Capital's parent
company, FPL Group, Inc. (NYSE: FPL).
The six-year debentures due May 15, 2007 will be offered to the public at
99.39 percent of par to yield 6.248 percent when held to maturity. A
prospectus relating to the securities may be obtained from the underwriters.
Net proceeds from the sale will be added to FPL Group Capital's general
funds and are expected to be used to repay a portion of commercial paper
issued to fund investments by FPL Group Capital in independent power projects.
The negotiated sale was underwritten by a group that includes Merrill Lynch
& Co. as lead manager. The co-managers are Banc of America Securities LLC,
J.P. Morgan, Salomon Smith Barney, First Union Securities, Inc., Fleet
Securities Inc. and BNY Capital Markets , Inc.
FPL Group, with annual revenues of more than $7 billion, is one of the
nation's largest providers of electricity-related services. Its principal
subsidiary, Florida Power & Light Company, serves approximately 3.9 million
customer accounts in Florida. FPL Energy LLC, FPL Group's U.S. energy-
generating subsidiary, is a leader in producing electricity from clean and
renewable fuels. Information about FPL Group and its subsidiaries is available
on the internet at http://www.fplgroup.com and http://www.fpl.com and http://www.fplenergy.com.
SOURCE FPL Group Capital Inc.
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Related links:
http://www.fplgroup.com
CONTACT:
Corporate Communications, Media Line, FPL
Group Capital Inc., 305-552-3888
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