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NextEra Energy offers junior subordinated debentures due 2054
By Mary-Katherine Stinson
Lexington, Ky., Feb. 27 – NextEra Energy Capital Holdings, Inc. plans to price series Q junior subordinated debentures due Sept. 1, 2054, according to a 424B5 filing with the Securities and Exchange Commission.
The debentures will be guaranteed by parent company NextEra Energy, Inc.
The debentures will bear interest at a fixed rate initially, which will reset on Sept. 1, 2029, and on each five-year anniversary after that date.
NextEra Energy Capital may redeem some or all the debentures, in whole or in part, at par during the period beginning 90 days prior to the first interest reset date and ending on that date and after on any interest payment date.
The notes are callable at par due to taxation reasons or at 102 due to a rating agency event.
BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The company will add the net proceeds from the sale of the debentures to its general funds and intends to use its general funds to fund investments in energy and power projects and for other general corporate purposes, including the repayment of a portion of its outstanding commercial paper obligations. As of Feb. 26, NextEra Energy Capital had approximately $4.3 billion of outstanding commercial paper obligations, which had maturities of up to 44 days and annual interest rates ranging from 5.62% to 5.77%.
In addition to the junior subordinated debentures, the issuer is concurrently offering $900 million principal amount of its fixed-rate exchangeable senior notes due 2027.
NextEra Energy is an energy company based in Juno Beach, Fla.
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