Free Writing Prospectus
Filed Pursuant to Rule 433
Dated May 16, 2007
Relating to Preliminary Prospectus Supplement and Prospectus each Dated May 3, 2007
Registration No. 333-141357 and 333-141357-01
FPL RECOVERY FUNDING LLC
PRICING TERM SHEET
$652,000,000
Senior Secured Bonds, Series A
Syndicate: | Sole Lead Manager - Wachovia Capital Markets, LLC |
Ratings: (Moody’s/ S&P/ Fitch): | Aaa/AAA/AAA. |
Closing Date / Settlement Date: | May 22, 2007 |
Interest Payment Dates: | February 1 and August 1, commencing on February 1, 2008 |
Timing: | Priced, May 15, 2007. |
Tranche | Principal Amount Offered ($MM) | Weighted Average Life (years) | Scheduled Final Maturity Date | No. of Sinking Fund Payments | Coupon | |||||||||||
A-1 | $124 | 1.97 | 2/1/2011 | 7 | 5.0530% | |||||||||||
A-2 | $140 | 4.98 | 8/1/2013 | 6 | 5.0440% | |||||||||||
A-3 | $100 | 7.31 | 8/1/2015 | 5 | 5.1273% | |||||||||||
A-4 | $288 | 10.38 | 8/1/2019 | 9 | 5.2555% |
FPL Recovery Funding LLC (the "Issuer") and Florida Power & Light Company ("FPL") have filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer and FPL have filed with the SEC for more complete information about the Issuer and the offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the Issuer, Wachovia Capital Markets, LLC (the "Purchaser") or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling the Purchaser toll-free at 1-866-289-1262.
EXPECTED AMORTIZATION SCHEDULE
Payment Date | Tranche A-1 Balance | Tranche A-2 Balance | Tranche A-3 Balance | Tranche A-4 Balance | |||||||||||||
Tranche Size Closing Date | $ | 124,000,000 | $ | 140,000,000 | $ | 100,000,000 | $ | 288,000,000 | |||||||||
2/1/2008 | 99,784,541 | 140,000,000 | 100,000,000 | 288,000,000 | |||||||||||||
8/1/2008 | 83,218,201 | 140,000,000 | 100,000,000 | 288,000,000 | |||||||||||||
2/1/2009 | 62,786,016 | 140,000,000 | 100,000,000 | 288,000,000 | |||||||||||||
8/1/2009 | 44,742,612 | 140,000,000 | 100,000,000 | 288,000,000 | |||||||||||||
2/1/2010 | 22,611,047 | 140,000,000 | 100,000,000 | 288,000,000 | |||||||||||||
8/1/2010 | 2,958,313 | 140,000,000 | 100,000,000 | 288,000,000 | |||||||||||||
2/1/2011 | – | 119,215,680 | 100,000,000 | 288,000,000 | |||||||||||||
8/1/2011 | – | 97,959,122 | 100,000,000 | 288,000,000 | |||||||||||||
2/1/2012 | – | 72,503,506 | 100,000,000 | 288,000,000 | |||||||||||||
8/1/2012 | – | 49,541,455 | 100,000,000 | 288,000,000 | |||||||||||||
2/1/2013 | – | 22,401,525 | 100,000,000 | 288,000,000 | |||||||||||||
8/1/2013 | – | – | 98,011,670 | 288,000,000 | |||||||||||||
2/1/2014 | – | – | 69,191,758 | 288,000,000 | |||||||||||||
8/1/2014 | – | – | 43,132,977 | 288,000,000 | |||||||||||||
2/1/2015 | – | – | 12,493,764 | 288,000,000 | |||||||||||||
8/1/2015 | – | – | – | 272,672,561 | |||||||||||||
2/1/2016 | – | – | – | 240,117,082 | |||||||||||||
8/1/2016 | – | – | – | 210,294,416 | |||||||||||||
2/1/2017 | – | – | – | 175,783,895 | |||||||||||||
8/1/2017 | – | – | – | 144,230,553 | |||||||||||||
2/1/2018 | – | – | – | 107,698,753 | |||||||||||||
8/1/2018 | – | – | – | 74,178,014 | |||||||||||||
2/1/2019 | – | – | – | 35,554,081 | |||||||||||||
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EXPECTED SINKING FUND SCHEDULE
Payment Date | Tranche A-1 | Tranche A-2 | Tranche A-3 | Tranche A-4 | |||||||||||||
Initial Tranche Principal Balance | $ | 124,000,000 | $ | 140,000,000 | $ | 100,000,000 | $ | 288,000,000 | |||||||||
2/1/2008 | 24,215,459 | – | – | – | |||||||||||||
8/1/2008 | 16,566,340 | – | – | – | |||||||||||||
2/1/2009 | 20,432,185 | – | – | – | |||||||||||||
8/1/2009 | 18,043,404 | – | – | – | |||||||||||||
2/1/2010 | 22,131,565 | – | – | – | |||||||||||||
8/1/2010 | 19,652,734 | – | – | – | |||||||||||||
2/1/2011 | 2,958,313 | 20,784,320 | – | – | |||||||||||||
8/1/2011 | – | 21,256,558 | – | – | |||||||||||||
2/1/2012 | – | 25,455,616 | – | – | |||||||||||||
8/1/2012 | – | 22,962,051 | – | – | |||||||||||||
2/1/2013 | – | 27,139,930 | – | – | |||||||||||||
8/1/2013 | – | 22,401,525 | 1,988,330 | – | |||||||||||||
2/1/2014 | – | – | 28,819,912 | – | |||||||||||||
8/1/2014 | – | – | 26,058,781 | – | |||||||||||||
2/1/2015 | – | – | 30,639,213 | – | |||||||||||||
8/1/2015 | – | – | 12,493,764 | 15,327,439 | |||||||||||||
2/1/2016 | – | – | – | 32,555,479 | |||||||||||||
8/1/2016 | – | – | – | 29,822,666 | |||||||||||||
2/1/2017 | – | – | – | 34,510,521 | |||||||||||||
8/1/2017 | – | – | – | 31,553,342 | |||||||||||||
2/1/2018 | – | – | – | 36,531,800 | |||||||||||||
8/1/2018 | – | – | – | 33,520,739 | |||||||||||||
2/1/2019 | – | – | – | 38,623,933 | |||||||||||||
8/1/2019 | – | – | – | 35,554,081 |
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