Filed pursuant to Rule 433
Registration Statement
Nos. 333-137120, 333-137120-01, 333-137120-02, 333-137120-03,
333-137120-04, 333-137120-05, 333-137120-06, 333-137120-07 and 333-137120-08
FPL GROUP CAPITAL INC
Pricing Term Sheet
December 9, 2008
Issuer: FPL Group Capital Inc
Underwriting Agreement dated December 9, 2008
Joint Book-Running Managers:
Banc of America Securities LLC
Citigroup Global Markets Inc.
Deutsche Bank Securities Inc.
Mizuho Securities USA Inc.
Co-Managers:
BNY Mellon Capital Markets, LLC
Mitsubishi UFJ Securities International plc
Wells Fargo Securities, LLC
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Designation: |
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77/8% Debentures, Series due December 15, 2015 |
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Legal Format: |
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SEC Registered |
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Principal Amount: |
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$450,000,000 |
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Date of Maturity: |
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December 15, 2015 |
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Interest Payment Dates: |
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Each June 15 and December 15, beginning June 15, 2009 |
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Coupon Rate: |
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77/8 % |
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Price to Public: |
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100% of the principal amount thereof |
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Treasury Benchmark: |
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4.50% due November 15, 2015 |
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Benchmark Yield: |
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1.908% |
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Spread to Benchmark Treasury: |
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596.7 basis points |
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Reoffer Yield: |
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77/8% |
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Trade Date: |
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December 9, 2008 |
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Settlement Date: |
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December 12, 2008 |
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Make-Whole Call: |
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At any time at 100% of the principal amount plus accrued and unpaid interest plus Make-Whole Premium at discount rate equal to Treasury Yield plus 50 basis points |
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CUSIP / ISIN Number: |
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302570 BC9 / US302570BC96 |
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Expected Credit Ratings:* |
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Moody’s Investors Service Inc. |
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“A2” (stable) |
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Standard & Poor’s Ratings Services |
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“A-” (stable) |
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Fitch Ratings |
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“A” (stable) |
* 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 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 Banc of America Securities LLC toll-free at 1-800-294-1322; Citigroup Global Markets Inc. toll-free at 1-877-858-5407; Deutsche Bank Securities Inc. toll-free at 1-800-503-4611; or Mizuho Securities USA Inc. toll-free at 1-800-221-8866 (ext. 3143).