Hunton Andrews Kurth Advises on Florida Power & Light $94 Million Qualified Replacement Property Floating Rate Notes

Hunton Andrews Kurth LLP advised the underwriters on an SEC-registered offering by Florida Power & Light Company (FPL) of $94,121,000 Floating Rate Notes, Series due June 15, 2068.  The notes are intended to qualify as “qualified replacement property” for purposes of deferring gain upon investors’ sale of “qualified securities” under section 1042 of the Internal Revenue Code of 1986, as amended.

FPL was incorporated under the laws of Florida in 1925 and is a rate-regulated electric utility engaged primarily in the generation, transmission, distribution and sale of electric energy in Florida. FPL is the largest electric utility in the state of Florida and one of the largest electric utilities in the U.S. At December 31, 2017, FPL had approximately 26,600 MW of net generating capacity, approximately 75,000 circuit miles of transmission and distribution lines and approximately 620 substations. FPL provides service to its customers through an integrated transmission and distribution system that links its generation facilities to its customers. At December 31, 2017, FPL served approximately ten million people through nearly five million customer accounts. FPL’s service territory covers most of the east and lower west coasts of Florida.

The Hunton Andrews Kurth team included Steve Friend, Brendan Harney, Soyung Kang and Paloma Luz. Cary Tolley and Anna Page provided tax advice.