NextEra Energy, Inc has announced that it has approved to trade USD 2.5 billion of equity units to J.P. Morgan, Wells Fargo Securities, and BofA Securities. The transaction is estimated to close on February 21, 2020.
Each equity unit will be delivered in a stated amount of USD 50. Each equity unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5 percent undivided beneficial ownership interest in a NextEra Energy Capital Holdings debenture due March 1, 2025, to be issued in the principal amount of USD 1,000. The debentures will be guaranteed by NextEra Energy Capital Holdings’ parent company, NextEra Energy. Total annual distributions on the equity units will be at the rate of 5.279 percent, consisting of interest on the debentures and payments under the stock purchase contracts.
The net proceeds from the sale of the equity units, which are expected to be approximately USD 2.42 billion (after deducting the underwriting discount and other offering expenses), will be added to the general funds of NextEra Energy Capital Holdings. NextEra Energy Capital Holdings expects to use its general funds to fund investments in energy and power projects and for other general corporate purposes, including the repayment of all or a portion of NextEra Energy Capital Holdings’ outstanding commercial paper obligations.
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