UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of earliest event reported: April 3, 2007
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SECTION 2 - FINANCIAL INFORMATION
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On April 3, 2007, FPL Group, Inc.'s (FPL Group) subsidiaries, FPL Group Capital Inc (FPL Group Capital) and Florida Power & Light Company (FPL), each entered into a new five-year revolving credit and letter of credit facility expiring in April 2012. Bank revolving lines of credit available to FPL Group and its subsidiaries, including FPL, under these separate credit facilities aggregate $6.5 billion ($4.0 billion for FPL Group Capital and $2.5 billion for FPL). These new credit facilities replaced the previously existing five-year credit facilities which aggregated $4.5 billion ($2.5 billion for FPL Group Capital and $2.0 billion for FPL). The new credit facilities are available to support the companies' commercial paper programs and to provide additional liquidity in the event of a property loss including, in the case of FPL, a transmission and distribution property loss, as well as for general corporate purposes. FPL Group (which guarantees the payment of FPL Group Capital's credit facilities pursuant to a 1998 guarantee agreement) is required to maintain a minimum ratio of funded debt to total capitalization under the terms of FPL Group Capital's credit facility. FPL is required to maintain a minimum ratio of funded debt to total capitalization under the terms of FPL's credit facility.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
FPL GROUP, INC.
FLORIDA POWER & LIGHT COMPANY
(Registrants)
Date: April 5, 2007
K. MICHAEL DAVIS |
K. Michael Davis |