Filed Pursuant to Rule 433
Registration No. 333-226056-02
Florida Power & Light Company
Pricing Term Sheet
February 21, 2019
| Issuer: | Florida Power & Light Company |
| Designation: | First Mortgage Bonds, 3.99% Series due March 1, 2049 |
| Registration Format: | SEC Registered |
| Principal Amount: | $600,000,000 |
| Date of Maturity: | March 1, 2049 |
| Interest Payment Dates: | Semi-annually in arrears on March 1 and September 1, beginning September 1, 2019 |
| Coupon Rate: | 3.99% |
| Price to Public: | 99.947% of the principal amount thereof |
| Benchmark Treasury: | 3.375% due November 15, 2048 |
| Benchmark Treasury Yield: | 3.043% |
| Spread to Benchmark | |
| Treasury Yield: | 95 basis points |
| Reoffer Yield: | 3.993% |
| Trade Date: | February 21, 2019 |
| Settlement Date:* | February 26, 2019 |
| Redemption: | Redeemable at any time prior to September 1, 2048, at 100% of the principal amount plus any accrued and unpaid interest plus make-whole premium at discount rate equal to Treasury Yield plus 15 basis points; and redeemable at any time on or after September 1, 2048, at 100% of the principal amount plus any accrued and unpaid interest. |
| CUSIP / ISIN Number: | 341081 FU6 / US341081FU66 |
| Expected Credit Ratings:** | |
| Moody’s Investors Service Inc. | “Aa2” (stable) |
| S&P Global Ratings | “A” (stable) |
| Fitch Ratings, Inc. | “AA-” (stable) |
| Joint Book-Running Managers: |
| BNP Paribas Securities Corp. |
| Credit Agricole Securities (USA) Inc. |
| Mizuho Securities USA LLC |
| SMBC Nikko Securities America, Inc. |
| Citigroup Global Markets Inc. |
| Fifth Third Securities, Inc. |
| RBC Capital Markets, LLC |
| Wells Fargo Securities, LLC |
| Co-Managers: |
| BMO Capital Markets Corp. |
| HSBC Securities (USA) Inc. |
| Mischler Financial Group, Inc. |
| Synovus Securities, Inc. |
| WR Securities, LLC |
| Junior Co-Managers: |
| C.L. King & Associates, Inc. |
| Guzman & Company |
| * | It is expected that delivery of the First Mortgage Bonds will be made against payment therefor on or about February 26, 2019, which will be the third business day following the date of pricing of the First Mortgage Bonds. 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 First Mortgage Bonds initially will settle in T+3, purchasers who wish to trade the First Mortgage Bonds on the date of pricing of the First Mortgage Bonds 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 terms “make-whole premium” and “Treasury Yield” have the meanings ascribed to those terms in the Issuer’s Preliminary Prospectus Supplement, dated February 21, 2019.
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 BNP Paribas Securities Corp. toll-free at 1-800-854-5674, Credit Agricole Securities (USA) Inc. toll-free at 1-866-807-6030, Mizuho Securities USA LLC toll-free at 1-866-271-7403 or SMBC Nikko Securities America, Inc. toll-free at 1-888-868-6856.