Filed Pursuant to Rule 433
Registration No. 333-226056-02
Florida Power & Light Company
Pricing Term Sheet
August 19, 2020
| Issuer: | Florida Power & Light Company |
| Designation: | Floating Rate Notes, Series due August 24, 2070 |
| Registration Format: | SEC Registered |
| Principal Amount: | $145,106,000 |
| Date of Maturity: | August 24, 2070 |
| Interest Payment Dates: | Quarterly in arrears on February 24, May 24, August 24 and November 24 of each year, beginning November 24, 2020 |
| Coupon Rate: | Floating rate based on the Three-Month LIBOR Rate minus 0.30%; reset quarterly on each February 24, May 24, August 24 and November 24 of each year, beginning November 24, 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 August 20, 2020. |
| Price to Public: | 100% of the principal amount thereof |
| Trade Date: | August 19, 2020 |
| Settlement Date:* | August 24, 2020 (T+3) |
| Call Provision: | On or after August 24, 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, 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 February 24 or August 24 of any of the following years: |
| Redemption Date | | Price |
| August 24, 2050 | | | 105.00 | % |
| February 24, 2051 | | | 105.00 | % |
| August 24, 2051 | | | 104.50 | % |
| February 24, 2052 | | | 104.50 | % |
| August 24, 2052 | | | 104.00 | % |
| February 24, 2053 | | | 104.00 | % |
| August 24, 2053 | | | 103.50 | % |
| February 24, 2054 | | | 103.50 | % |
| August 24, 2054 | | | 103.00 | % |
| February 24, 2055 | | | 103.00 | % |
| August 24, 2055 | | | 102.50 | % |
| February 24, 2056 | | | 102.50 | % |
| August 24, 2056 | | | 102.00 | % |
| February 24, 2057 | | | 102.00 | % |
| August 24, 2057 | | | 101.50 | % |
| February 24, 2058 | | | 101.50 | % |
| August 24, 2058 | | | 101.00 | % |
| February 24, 2059 | | | 101.00 | % |
| August 24, 2059 | | | 100.50 | % |
| February 24, 2060 | | | 100.50 | % |
| August 24, 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 |
| August 24, 2021 | | | 98.00 | % |
| February 24, 2022 | | | 98.00 | % |
| August 24, 2022 | | | 98.00 | % |
| February 24, 2023 | | | 98.00 | % |
| August 24, 2023 | | | 98.00 | % |
| February 24, 2024 | | | 98.00 | % |
| August 24, 2024 | | | 98.00 | % |
| February 24, 2025 | | | 98.00 | % |
| August 24, 2025 | | | 98.00 | % |
| February 24, 2026 | | | 99.00 | % |
| August 24, 2026 | | | 99.00 | % |
| February 24, 2027 | | | 99.00 | % |
| August 24, 2027 | | | 99.00 | % |
| February 24, 2028 | | | 99.00 | % |
| August 24, 2028 | | | 99.00 | % |
| February 24, 2029 | | | 99.00 | % |
| August 24, 2029 | | | 99.00 | % |
| February 24, 2030 | | | 99.00 | % |
| August 24, 2030 | | | 99.00 | % |
| February 24, 2031 | | | 99.00 | % |
| August 24, 2031 and on August 24 | | | 100.00 | % |
| of every second year thereafter, | | | | |
| through and including August 24, 2067 | | | | |
| CUSIP / ISIN Number: | 341081 GB7/ US341081GB76 |
| Expected Credit Ratings:** | |
| Moody’s Investors Service Inc. | “A1” (stable) |
| S&P Global Ratings | “A” (stable) |
Joint Book-Running Managers:
UBS Securities LLC
J.P. Morgan Securities LLC
Morgan Stanley & Co. LLC
RBC Capital Markets, LLC
___________________
* It is expected that delivery of the Notes will be made against payment therefor on or about August 24, 2020, which will be the third business day following the date of pricing of the Notes. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, by virtue of the fact that the Notes initially will settle in T+3, purchasers who wish to trade the Notes on the date of pricing of the Notes should specify an extended settlement cycle at the time they enter into any such trade to prevent failed settlement and should consult their own advisors.
** 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 August 17, 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; J.P. Morgan Securities LLC collect at 1-212-834-4533; Morgan Stanley & Co. LLC toll-free at 1-866-718-1649; and RBC Capital Markets, LLC toll-free at 1-866-375-6829.
