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FPL Group Capital Trust I, 5 7/8% Preferred Trust Securities
Ticker Symbol: NEE-C* CUSIP: 30257V207 Exchange: NYSE
* NOTE: This security is no longer trading as of 11/09/2017
Security has been Called for: Thursday, November 9, 2017
Oct. 10, 2017 -- NextEra Energy Capital Holdings, Inc., a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that FPL Group Capital Trust I will redeem on Nov. 9, 2017, all of its outstanding 5 7/8 percent preferred trust securities (NYSE:NEE_prC) (CUSIP: 302570V 207) at the redemption price of $25 (the liquidation amount of each preferred trust security) plus accumulated and unpaid distributions from Sept. 15, 2017, to the redemption date in the amount per preferred trust security of 0.2203125. The total liquidation amount of the preferred trust securities is $300 million. The preferred trust securities were issued in March 2004 by FPL Group Capital Trust I. The sole assets of FPL Group Capital Trust I are the 5 7/8 percent junior subordinated debentures, Series due March 15, 2044, of NEE Capital. NEE Capital has elected to redeem the debentures and such redemption will result in the redemption of the preferred trust securities on the redemption date. The redemption of the preferred trust securities will be made only to the extent that FPL Group Capital Trust I receives proceeds from the contemporaneous redemption by NEE Capital on the redemption date of all of the debentures. On the redemption date, provided that The Bank of New York Mellon, as paying agent, has received sufficient funds to complete the redemption, the preferred trust securities shall become due and payable and will cease to accrue distributions.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: FPL Group Capital Trust I, 5 7/8% Preferred Trust Securities, liquidation amount $25 per share, guaranteed by FPL Group Inc. (NYSE: FPL) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 3/15/2009 at $25 per share plus accrued and unpaid dividends, maturing 3/15/2044, distributions of 5 7/8% ($1.46875) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record one business day prior to the payment date while the securities remain in book-entry form. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 5 7/8% Junior Subordinated Deferrable Interest Debentures due 3/15/2044 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (NEE)
IPO - 3/5/2004 - 12.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: FPL-C Changed: 6/25/2010
Market Value $300.0 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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