January 28, 2002
FPL Group announces intention to sell publicly traded units
JUNO BEACH, Fla. -- FPL Group, Inc. (NYSE: FPL) and its wholly
owned subsidiary, FPL Group Capital Inc, announced today plans to
offer at least $500 million in publicly traded equity units this
week, subject to market conditions.
The equity units consist of a $50 FPL Group Capital debenture and
a contract to purchase FPL Group common stock in the future. The
debenture is expected to have a term of five years and will be guaranteed
by FPL Group. The stock purchase contract will require the holder
to purchase FPL Group common stock for cash (which can be satisfied
from proceeds raised from remarketing the FPL Group Capital debentures)
pursuant to a pricing range agreed to at the time the equity units
are issued. The settlement date of the stock purchase contract is
expected to occur in three years.
FPL Group Capital will add the net proceeds from the issuance of
the equity units to its general funds. FPL Group Capital expects
to use its general funds to repay a portion of commercial paper issued
to fund investments by FPL Group Capital in independent power projects.
FPL Group and FPL Group Capital have appointed J.P. Morgan and Lehman
Brothers as the joint-lead managers for the offering.
A registration statement related to this offering has been filed
with the Securities and Exchange Commission and has become effective.
This press release does not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein, nor shall there
be any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities law of any such jurisdiction.
The offering may be made only by means of a prospectus or related
prospectus supplement, copies of which may be obtained from J.P.
Morgan and Lehman Brothers.
FPL Group, with annual revenues of more than $8 billion, is nationally
known as a high quality, efficient, and customer-driven organization
focused on energy-related products and services. With a growing presence
in more than 15 states, it is widely recognized as one of the country's
premier power companies. Its principal subsidiary, Florida Power
Light Company, serves approximately 3.9 million customer accounts
in Florida. FPL Energy, LLC, an FPL Group energy-generating subsidiary,
is a leader in producing electricity from clean and renewable fuels.
FPL FiberNet, LLC is a leading provider of fiber-optic networks in
Florida. Additional information is available on the Internet at
www.fplgroup.com,
www.fpl.com,
www.fplenergy.com and
www.fplfibernet.com.
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