Florida Power & Light Company today announced the sale of $500 million principal amount of five-year first mortgage bonds bearing interest at 6-7/8 percent per year and maturing on December 1, 2005.
These first mortgage bonds will be offered to the public at 99.598 percent of par to yield 6.972 percent when held to maturity.
Net proceeds from the sale will be added to FPL's general funds and are expected to be used to repay its short-term borrowings and for other corporate purposes.
The sale was underwritten by a group that includes Salomon Smith Barney as lead manager. The co-managers are Banc of America Securities LLC, Chase Securities Inc., First Union Securities, Inc. and Merrill Lynch & Co. A prospectus relating to these first mortgage bonds may be obtained from the underwriters.
Florida Power & Light is the principal subsidiary of FPL Group, Inc. , one of the nation's largest providers of electricity-related services with annual revenues of more than $6 billion. The company serves 3.8 million customer accounts in Florida.
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SOURCE: Florida Power & Light Company