Filed Pursuant to Rule 433
Registration No. 333-205558-02
Florida Power & Light Company
Pricing Term Sheet
June 12, 2018
| Issuer: | Florida Power & Light Company | |
| Designation: | Floating Rate Notes, Series due June 15, 2068 | |
| Registration Format: | SEC Registered | |
| Principal Amount: | $94,121,000 | |
| Date of Maturity: | June 15, 2068 | |
| Interest Payment Dates: | Quarterly in arrears on March 15, June 15, September 15 and December 15, beginning September 15, 2018 | |
| Coupon Rate: | Floating rate based on the Three-Month LIBOR Rate minus 0.30%; reset quarterly on each March 15, June 15, September 15 and December 15, beginning September 15, 2018. The interest rate shall not be less than 0.00%. The floating rate that will be in effect on the Settlement Date will be determined on June 13, 2018. | |
| Price to Public: | 100% of the principal amount thereof | |
| Trade Date: | June 12, 2018 | |
| Settlement Date:* | June 15, 2018 | |
| Call Provision: | On or after June 15, 2048, 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 June 15 or December 15 of any of the following years: |
| Redemption Date | Price | ||||
| June 15, 2048 | 105.00 | % | |||
| December 15, 2048 | 105.00 | % | |||
| June 15, 2049 | 104.50 | % | |||
| December 15, 2049 | 104.50 | % | |||
| June 15, 2050 | 104.00 | % | |||
| December 15, 2050 | 104.00 | % | |||
| June 15, 2051 | 103.50 | % | |||
| December 15, 2051 | 103.50 | % | |||
| June 15, 2052 | 103.00 | % | |||
| December 15, 2052 | 103.00 | % | |||
| June 15, 2053 | 102.50 | % | |||
| December 15, 2053 | 102.50 | % | |||
| June 15, 2054 | 102.00 | % | |||
| December 15, 2054 | 102.00 | % | |||
| June 15, 2055 | 101.50 | % | |||
| December 15, 2055 | 101.50 | % | |||
| June 15, 2056 | 101.00 | % | |||
| December 15, 2056 | 101.00 | % | |||
| June 15, 2057 | 100.50 | % | |||
| December 15, 2057 | 100.50 | % | |||
| June 15, 2058 and thereafter to maturity | 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 | ||||
| June 15, 2019 | 98.00 | % | |||
| December 15, 2019 | 98.00 | % | |||
| June 15, 2020 | 98.00 | % | |||
| December 15, 2020 | 98.00 | % | |||
| June 15, 2021 | 98.00 | % | |||
| December 15, 2021 | 98.00 | % | |||
| June 15, 2022 | 98.00 | % | |||
| December 15, 2022 | 98.00 | % | |||
| June 15, 2023 | 98.00 | % | |||
| December 15, 2023 | 99.00 | % | |||
| June 15, 2024 | 99.00 | % | |||
| December 15, 2024 | 99.00 | % | |||
| June 15, 2025 | 99.00 | % | |||
| December 15, 2025 | 99.00 | % | |||
| June 15, 2026 | 99.00 | % | |||
| December 15, 2026 | 99.00 | % | |||
| June 15, 2027 | 99.00 | % | |||
| December 15, 2027 | 99.00 | % | |||
| June 15, 2028 | 99.00 | % | |||
| December 15, 2028 | 99.00 | % | |||
| June 15, 2029 and on June 15 of every second year thereafter through and including June 15, 2065 | 100.00 | % | |||
| CUSIP / ISIN Number: | 341081 FS1 / US341081FS11 |
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
Deutsche Bank Securities Inc.
Wells Fargo Securities, LLC
RBC Capital Markets, LLC
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
___________________
* It is expected that delivery of the Floating Rate Notes will be made against payment therefor on or about June 15, 2018, which will be the third business day following the date of pricing of the Floating Rate 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 Floating Rate Notes initially will settle in T+3, purchasers who wish to trade the Floating Rate Notes on the date of pricing of the Floating Rate 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 June 11, 2018.
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 atwww.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; Deutsche Bank Securities Inc. toll free at 1-800-503-4611; Wells Fargo Securities, LLC toll free at 1-800-645-3751; RBC Capital Markets, LLC toll free at 1-866-375-6829; and Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322.