NextEra Energy greenshoe fully exercised, lifting convertible equity units to $402.5 million

By Marisa Wong

Madison, Wis., Sept. 21 - NextEra Energy Inc. announced that in connection with its recent offering of three-year mandatory convertible equity units, bookrunner Credit Suisse Securities (USA) LLC exercised the $52.5 million over-allotment option in full, increasing the total size of the offering to $402.5 million.

The company priced $350 million of three-year convertible equity units on Sept. 14 to yield 7% with an initial conversion premium of 25%.

The equity units consist of a contract to purchase NextEra Energy common stock and a 5% beneficial ownership interest in a $1,000 principal amount series D debenture due Sept. 1, issued by FPL Group Capital Inc. The debentures will be guaranteed by FPL Group Capital's parent company, NextEra Energy Inc.

As previously reported, proceeds will be added to the general funds of FPL Group, which expects to use the funds for investments in independent power projects, including renewable power projects, and for other general corporate purposes, including repayment of commercial paper.

Based in Juno Beach, Fla., NextEra is the parent company of Florida Power & Light Co. and NextEra renewable energy.

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