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FPL Group Inc., 8.00% Equity Units, Series B due 2/16/06
Ticker Symbol: FPL-B* CUSIP: 302571401 Exchange: NYSE
* NOTE: This security is no longer trading as of 2/16/2006
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QUANTUMONLINE.COM SECURITY DESCRIPTION: FPL Group Inc., 8.00% Equity Units, Series B, stated amount $50 per unit, initially consisting of Corporate Units which include a stock purchase contract and a 5% Series B debenture with a principal amount of $50. The purchase contract requires the holder to purchase for $50 a variable number of shares of FPL Group, Inc. (NYSE: FPL) common stock no later than 2/16/2006 and pays a contract adjustment rate of 3.0% per annum. The purchase settlement rate will be 0.7362 shares per unit if the then current market price is equal to or greater than $67.92 and 0.8834 shares per unit if the market price is equal to or less than $56.60. For market prices between those values the settlement rate will be $50 divided by the market value. The Series B debenture is due 2/16/2008 and is subject to reset and remarketing on or after 8/16/2005. The Equity Units pay quarterly distributions of 8.00% ($4.00) per annum on 2/16, 5/16, 8/16 & 11/16 to holders of record one business day prior to the payment date while the securities remain in book-entry form. The Series B debentures are pledged as collateral to secure the holder's obligations under the stock purchase contract. The holder has the right at any time to convert the Corporate Units to Treasury Units by the substitution of a specified zero-coupon U.S. Treasury security for the Series B debentures and to later recreate Corporate Units. The Series B debentures are unsecured and rank equally with the company's other unsecured senior indebtedness. See the IPO prospectus for extensive additional information on the equity units and their mandatory conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock
Exchange |
Cpn Rate
Ann Amt |
LiqPref
CallPrice |
Call Date
Matur Date |
Moodys/S&P
Dated |
Conversion
Shares@Price |
Distribution Dates |
15%
Tax Rate |
NYSE
Chart
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8.00%
$4
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$50.00
N/A
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2/16/2006
2/16/2008
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A2
A-
6/20/2005
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0.7362@$67.92+
0.8834@$56.60-
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2/16, 5/16, 8/16 & 11/16
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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No
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Go to Parent Company's Record (NEE)
IPO - 6/10/2002 - 8.80 Million Units @ $50.00/unit.
Link to IPO Prospectus
Market Value $445.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 700 Universe Blvd., Juno Beach, FL 33408 |
| Main Phone Number |
561-694-4000 |
| Fax Number |
561-691-7272 |
| Investor Relations
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561-694-4697
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| Toll Free Phone Number |
800-222-4511 |
| CEO - Lewis Hay III |
CFO - Moray P. Dewhurst |
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