Hunton Andrews Kurth Advises on Florida Power & Light Company’s $142 Million Qualified Replacement Property Notes

Hunton Andrews Kurth LLP advised the underwriters on an SEC-registered offering by Florida Power & Light Company (FPL) of $142 million aggregate principal amount of Qualified Replacement Property Notes, Series due March 1, 2071. The offering constituted a reopening of the series originally issued on March 1, 2021.

FPL is a rate-regulated electric utility engaged primarily in the generation, transmission, distribution and sale of electric energy in Florida, and is the largest electric utility in the state of Florida and one of the largest electric utilities in the U.S. At December 31, 2020, FPL had approximately 28,400 MW of net generating capacity, approximately 76,200 circuit miles of transmission and distribution lines and 673 substations. FPL provides service to its customers through integrated transmission and distribution systems that link its generation facilities to its customers. It serves more than 11 million people through more than 5.6 million customer accounts. FPL’s service areas cover most of the east and lower west coasts of Florida and are in eight counties throughout northwest Florida.

The Hunton Andrews Kurth team included Steven Friend, Patrick C. Jamieson and Michelle G. Chan. Robert McNamara and Tim Strother provided tax advice.