March 3, 2023
Hunton Andrews Kurth LLP advised the underwriters on a SEC-registered offering by Florida Power & Light Company (FPL) of $2.5 billion aggregate principal, consisting of (i) $1 billion aggregate principal amount of First Mortgage Bonds, 5.05% Series due April 1, 2028, (ii) $750 million aggregate principal amount of First Mortgage Bonds, 5.10% Series due April 1, 2033, and (iii) $750 million aggregate principal amount of First Mortgage Bonds, 5.30% Series due April 1, 2053.
FPL 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. On December 31, 2022, FPL had approximately 32,100 MW of net generating capacity, approximately 88,000 circuit miles of transmission and distribution lines and 871 substations. FPL provides service to its customers through integrated transmission and distribution systems that link its generation facilities to its customers. FPL serves more than 12 million people through more than 5.8 million customer accounts. FPL’s service areas cover most of the east and lower west coasts of Florida and are in eight counties throughout northwest Florida.
The Hunton Andrews Kurth team included Steven C. Friend, Brendan P. Harney, Michelle G. Chan, Jingyi “Alice” Yao, and Thomas White. Robert McNamara and Tim Strother provided tax advice.