Filed Pursuant to Rule 433
Registration No. 333-205558-02
Florida Power & Light Company
Pricing Term Sheet
February 26, 2018
Issuer: Florida Power & Light Company
| Designation: | First Mortgage Bonds, 3.95% Series due March 1, 2048 |
| Registration Format: | SEC Registered |
| Principal Amount: | $1,000,000,000 |
| Date of Maturity: | March 1, 2048 |
| Interest Payment Dates: | Semi-annually in arrears on March 1 and September 1, beginning September 1, 2018 |
| Coupon Rate: | 3.95% |
| Price to Public: | 99.460% of the principal amount thereof |
| Benchmark Treasury: | 2.750% due November 15, 2047 |
| Benchmark Treasury Yield: | 3.161% |
| Spread to Benchmark | |
| Treasury Yield: | 82 basis points |
| Reoffer Yield: | 3.981% |
| Trade Date: | February 26, 2018 |
| Settlement Date: | February 28, 2018 |
| Redemption: | Redeemable at any time prior to September 1, 2047, at 100% of the principal amount plus any accrued and unpaid interest plus make-whole premium at discount rate equal to Treasury Yield plus 15 basis points; and redeemable at any time on or after September 1, 2047, at 100% of the principal amount plus any accrued and unpaid interest. |
| CUSIP / ISIN Number: | 341081 FQ5 / US341081FQ54 |
Expected Credit Ratings:*
| Moody’s Investors Service Inc. | “Aa2” (stable) |
| S&P Global Ratings | “A” (stable) |
| Fitch Ratings, Inc. | “AA-” (stable) |
Joint Book-Running Managers:
Barclays Capital Inc.
Goldman Sachs & Co. LLC
MUFG Securities Americas Inc.
Scotia Capital (USA) Inc.
Wells Fargo Securities, LLC
BNY Mellon Capital Markets, LLC
Credit Agricole Securities (USA) Inc.
Mizuho Securities USA LLC
SMBC Nikko Securities America, Inc.
SunTrust Robinson Humphrey, Inc.
TD Securities (USA) LLC
U.S. Bancorp Investments, Inc.
UBS Securities LLC
Co-Managers:
BB&T Capital Markets, a division of BB&T Securities, LLC
BMO Capital Markets Corp.
Commerz Markets LLC
DNB Markets, Inc.
Fifth Third Securities, Inc.
Loop Capital Markets LLC
PNC Capital Markets LLC
The Williams Capital Group, L.P.
Junior Co-Managers:
Academy Securities, Inc.
C.L. King & Associates, Inc.
Siebert Cisneros Shank & Co., L.L.C.
* 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 terms “make-whole premium” and “Treasury Yield” have the meanings ascribed to those terms in the Issuer’s Preliminary Prospectus Supplement, dated February 26, 2018.
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 Barclays Capital Inc. toll-free at 888-603-5847, Goldman Sachs & Co. LLC toll-free at 866-471-2526, MUFG Securities Americas Inc. toll-free at 877-649-6848, Scotia Capital (USA) Inc. toll free at 800-372-3930 or Wells Fargo Securities, LLC toll-free at 800-645-3751.