Florida Power & Light Company’s $600 Million First Mortgage Bonds Offering


Hunton Andrews Kurth LLP advised the underwriters on the deal

Florida Power & Light Company (FPL) executed its $600 million aggregate principal amount of First Mortgage Bonds, 3.99% Series due March 1, 2049.

BNP PARIBAS, Credit Agricole CIB, Mizuho Securities, SMBC Nikko?, Citigroup??, Fifth Third Securities, RBC Capital Markets and Wells Fargo Securities? acted as Joint Book-Running Managers.

BMO Capital Markets, HSBC, Mischler Financial Group, Inc.?, Synovus Securities, Inc. and Wolfe Capital Markets and Advisory acted as Co-Managers on the offering.

FPL was incorporated under the laws of Florida in 1925 and is a rate-regulated electric utility engaged primarily in the generation, transmission, distribution and sale of electric energy in Florida. FPL is the largest electric utility in the state of Florida and one of the largest electric utilities in the U.S. At December 31, 2018, FPL had approximately 24,500 MW of net generating capacity, approximately 75,200 circuit miles of transmission and distribution lines and approximately 645 substations. FPL provides service to its customers through an integrated transmission and distribution system that links its generation facilities to its customers. At December 31, 2018, FPL served more than ten million people through more than five million customer accounts. FPL’s service territory covers most of the east and lower west coasts of Florida.

The Hunton Andrews Kurth team included Steve Friend (Picture), Brendan Harney and Shelby Stanton. Cary Tolley, Anna Page and Kimberly Nolte provided tax advice.

Involved fees earner: Steven Friend – Hunton Andrew Kurth; Brendan Harney – Hunton Andrew Kurth; Anna Knecht Page – Hunton Andrew Kurth; Cary Tolley – Hunton Andrew Kurth;

Law Firms: Hunton Andrew Kurth;

Clients: BMO Capital Markets; BNP Paribas; Citigroup Inc.; Crédit Agricole Corporate and Investment Bank; Fifth Third Securities, Inc.; HSBC; Mischler Financial Group; Mizuho Securities; RBC Capital Markets; Smbc Nikko Capital Markets Limited; Synovus Financial Corp.; Wells Fargo Securities; Wolfe Capital Markets and Advisory;

Author: Ambrogio Visconti