Florida Power & Light to repay term loan debt via first mortgage bond

By Tali Rackner

Norfolk, Va., May 12 - Florida Power & Light Co. plans to use the proceeds from a first mortgage bond offering to repay all or a portion of the total debt outstanding under a term loan agreement in the amount of $300 million, according to a 424B2 filing with the Securities and Exchange Commission.

The loan matures on June 30, 2014.

After that, the company expects to use its general funds to repay a portion of its total outstanding commercial paper obligations and for other general corporate purposes.

The utility subsidiary of NextEra Energy Inc. is based in Juno Beach, Fla.

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