Filed Pursuant to Rule 433
Registration No. 333-226056-02
Florida Power & Light Company
Pricing Term Sheet
March 11, 2020
| Issuer: | Florida Power & Light Company |
| Designation: | Floating Rate Notes, Series due March 13, 2070 |
| Registration Format: | SEC Registered |
| Principal Amount: | $174,657,000 |
| Date of Maturity: | March 13, 2070 |
| Interest Payment Dates: | Quarterly in arrears on March 13, June 13, September 13 and December 13 of each year, beginning June 13, 2020 |
| Coupon Rate: | Floating rate based on the Three-Month LIBOR Rate minus 0.30%; reset quarterly on each March 13, June 13, September 13 and December 13 of each year, beginning June 13, 2020. The coupon rate shall not be less than 0.00%. The coupon rate that will be in effect on the Settlement Date will be determined on March 11, 2020. |
| Price to Public: | 100% of the principal amount thereof |
| Trade Date: | March 11, 2020 |
| Settlement Date: | March 13, 2020 |
| Call Provision: | On or after March 13, 2050, the Notes may be redeemed at any time or from time to time, at the option of the Company, in whole or in part, in amounts of $1,000 or any multiple of $1,000 at the following redemption prices (in each case, expressed as a percentage of the principal amount, together with any accrued and unpaid interest thereon to but excluding the redemption date), if redeemed during the six-month periods beginning on March 13 or September 13 of any of the following years: |
| Redemption Date | Price | ||||
| March 13, 2050 | 105.00 | % | |||
| September 13, 2050 | 105.00 | % | |||
| March 13, 2051 | 104.50 | % | |||
| September 13, 2051 | 104.50 | % | |||
| March 13, 2052 | 104.00 | % | |||
| September 13, 2052 | 104.00 | % | |||
| March 13, 2053 | 103.50 | % | |||
| September 13, 2053 | 103.50 | % | |||
| March 13, 2054 | 103.00 | % | |||
| September 13, 2054 | 103.00 | % | |||
| March 13, 2055 | 102.50 | % | |||
| September 13, 2055 | 102.50 | % | |||
| March 13, 2056 | 102.00 | % | |||
| September 13, 2056 | 102.00 | % | |||
| March 13, 2057 | 101.50 | % | |||
| September 13, 2057 | 101.50 | % | |||
| March 13, 2058 | 101.00 | % | |||
| September 13, 2058 | 101.00 | % | |||
| March 13, 2059 | 100.50 | % | |||
| September 13, 2059 | 100.50 | % | |||
| March 13, 2060 and thereafter | 100.00 | % | |||
| Put Provision: | The Notes will be repayable at the option of a holder, in whole or in part, on at least 30 days’ but not more than 60 days’ notice on the following dates and at the following prices (in each case, expressed as a percentage of the principal amount, together with any accrued and unpaid interest thereon to but excluding the repayment date): |
| Repayment Date | Price | ||||
| March 13, 2021 | 98.00 | % | |||
| September 13, 2021 | 98.00 | % | |||
| March 13, 2022 | 98.00 | % | |||
| September 13, 2022 | 98.00 | % | |||
| March 13, 2023 | 98.00 | % | |||
| September 13, 2023 | 98.00 | % | |||
| March 13, 2024 | 98.00 | % | |||
| September 13, 2024 | 98.00 | % | |||
| March 13, 2025 | 98.00 | % | |||
| September 13, 2025 | 99.00 | % | |||
| March 13, 2026 | 99.00 | % | |||
| September 13, 2026 | 99.00 | % | |||
| March 13, 2027 | 99.00 | % | |||
| September 13, 2027 | 99.00 | % | |||
| March 13, 2028 | 99.00 | % | |||
| September 13, 2028 | 99.00 | % | |||
| March 13, 2029 | 99.00 | % | |||
| September 13, 2029 | 99.00 | % | |||
| March 13, 2030 | 99.00 | % | |||
| September 13, 2030 | 99.00 | % | |||
| March 13, 2031 and on March 13 | 100.00 | % | |||
| of every second year thereafter, | |||||
| through and including March 13, 2067 | |||||
| CUSIP / ISIN Number: | 341081 FY8/ US341081FY88 |
| Expected Credit Ratings:* | |
| Moody’s Investors Service Inc. | “A1” (stable) |
| S&P Global Ratings | “A” (stable) |
| Joint Book-Running Managers: | |
| UBS Securities LLC | |
| Morgan Stanley & Co. LLC | |
| J.P. Morgan Securities LLC | |
| RBC Capital Markets, LLC |
* A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.
The term “Three-Month LIBOR Rate” has the meaning ascribed to that term in the Issuer’s Preliminary Prospectus Supplement, dated March 9, 2020.
The Issuer has 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 has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling UBS Securities LLC toll-free at 1-888-827-7275; Morgan Stanley & Co. LLC toll-free at 1-866-718-1649; J.P. Morgan Securities LLC collect at 1-212-834-4533; and RBC Capital Markets, LLC toll-free at 1-866-375-6829.