Hunton Andrews Kurth Advises on Florida Power & Light Company’s $2.35 Billion First Mortgage Bonds Offering

Time 2 Minute Read
June 3, 2024

Hunton Andrews Kurth LLP advised the underwriters on a SEC-registered offering by Florida Power & Light Company (FPL) of $2.35 billion aggregate principal amount of first mortgage bonds, consisting of (i) $750 million aggregate principal amount of First Mortgage Bonds, 5.15% Series due June 15, 2029, (ii) $750 million aggregate principal amount of First Mortgage Bonds, 5.30% Series due June 15, 2034, and (iii) $850 million aggregate principal amount of First Mortgage Bonds, 5.60% Series due June 15, 2054.

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 US. At December 31, 2023, FPL had approximately 33,276 MW of net generating capacity, approximately 90,000 circuit miles of transmission and distribution lines and 883 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 5.9 million customer accounts. FPL’s service areas cover most of the east and lower west coasts of Florida and are in 10 counties throughout northwest Florida.

The Hunton Andrews Kurth team included Steven C. Friend, Jingyi “Alice” Yao, Monika M. Dziewa and Gabrielle Kraushaar. Robert McNamara, William Freeman, Caitlin Scipioni and Katherine Gallagher provided tax advice.

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