By Ronda Fears
Nashville, Tenn., Jan. 29 - FPL Group Inc. sold $500 million of three-year mandatory convertibles at par of 50 to yield 8.5% and with an 18% initial conversion premium - at the middle of yield guidance for 8.0% to 8.5% and at the cheap end of premium guidance of 18% to 22%.
Joint book-running lead managers for the deal were JPMorgan and Lehman Brothers.
The Florida utility holding company said it would add the proceeds to its general funds to use to repay some of its commercial paper issued to fund investments power projects.
Terms of the new deal are:
Issuer: FPL Group Inc.
Amount: $500 million
Greenshoe: $75 million
Book-Runners: JPMorgan and Lehman Brothers
Co-Managers: Salomon Smith Barney, Banc of America Securities, Wachovia Securities, Bank of Tokyo, Barclays and Commerzbank
Maturity Date: Feb. 16, 2005
Dividend: 8.5%
Issue Price: par, $50
Yield: 8.5%
Conversion Premium: 18%
Conversion Price: $52.56/$62.02
Conversion Ratio: 0.8062/0.9513
Call: non-callable
Expected Rating(s): Moody's: A2
| S&P: A-
|
| Settlement Date: | Feb. 4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
