Narrative
Full Description
Project narrative
On April 29, 2022, a syndicate of eight lenders — including the Agricultural Bank of China (ABC), the Bank of China (BOC), China Construction Bank Corporation (CCB), China Merchants Bank Co., Ltd., and the Industrial and Commercial Bank of China (ICBC) — entered into a $500.00 million USD syndicated revolving credit facility (RCF) agreement with Florida Power & Light Company (FPL) — a Florida-incorporated power utility company and wholly-owned subsidiary of NextEra Energy, Inc. based in Juno Beach, Florida — for refinancing and general corporate purposes. This loan carried a maturity period of three years and a final maturity date of April 29, 2025. The proceeds were to be used by the borrower for refinancing purposes and for its general corporate purposes, including paying any interest or fees under the RCF, as back-up for the borrower's self-insurance program for its and its subsidiaries' operating facilities, and to fund the cost of the prompt restoration, reconstruction, and/or repair of facilities damaged or destroyed due to man-made or natural disasters. Each of the 8 lenders, including ABC, BOC, CCB, China Merchants Bank, and ICBC contributed $62.50 million USD to the $500 million USD RCF. Record ID#105275 captures ABC's contribution. Record ID#105276 captures BOC's contribution. Record ID#1056ution. In addition to the five Chinese state-owned banks, the following lenders contributed to the RCF: BNP Paribas S.A., Intesa Sanpaolo S.p.A., and Banco Santander, S.A..
Staff comments
1. Florida Power & Light Company, the principal wholly-owned subsidiary of NextEra Energy, Inc., is the largest power utility in Florida and has the third-largest number of customers of any electric utility in the United States. It is a Juno Beach, Florida-based power utility company serving roughly 5 million customers and 11 million people in Florida and had about 10,000 employees as of the end of 2012.