| Debt Issuances and Borrowings by Subsidiaries |
Long-term debt consists of the following:
| | | | | | | | | | December 31, | | 2013 | | 2012 | | (millions) | FPL: | | | | First mortgage bonds - maturing 2017 through 2042 - 2.75% to 6.20% | $ | 7,490 |
| | $ | 7,390 |
| Storm-recovery bonds - maturing 2017 through 2021 - 5.0440% to 5.2555%(a) | 386 |
| | 439 |
| Pollution control, solid waste disposal and industrial development revenue bonds - maturing 2020 through 2029 - variable 0.07% and 0.16% weighted-average interest rates, respectively(b)(c) | 633 |
| | 633 |
| Other long-term debt maturing 2014 through 2040 - primarily variable, 0.66% and 0.66% weighted-average interest rates, respectively(c) | 355 |
| | 355 |
| Unamortized discount | (35 | ) | | (35 | ) | Total long-term debt of FPL | 8,829 |
| | 8,782 |
| Less current maturities of long-term debt | 356 |
| | 453 |
| Long-term debt of FPL, excluding current maturities | 8,473 |
| | 8,329 |
| NEECH: | |
| | |
| Debentures - maturing 2015 through 2023 - 1.2% to 7 7/8%(d) | 2,550 |
| | 2,800 |
| Debentures, related to NEE's equity units - maturing 2014 through 2018 - 1.339% to 1.90%(e) | 2,503 |
| | 2,003 |
| Junior subordinated debentures - maturing 2044 through 2073 - 5.00% to 8.75% | 3,353 |
| | 3,253 |
| Senior secured bonds - maturing 2030 - 7.500%(f) | 500 |
| | 500 |
| Japanese yen denominated senior notes - maturing 2030 - 5.1325%(d) | 95 |
| | 115 |
| Japanese yen denominated term loans - maturing 2014 - variable, 1.45% and 1.56% weighted-average interest rates, respectively(c)(d) | 419 |
| | 508 |
| Term loans - maturing 2014 through 2018 - primarily variable, 1.27% and 1.30% weighted-average interest rates, respectively(c) | 1,815 |
| | 1,563 |
| Fair value swaps (see Note 3) | 4 |
| | 75 |
| Total long-term debt of NEECH | 11,239 |
| | 10,817 |
| Less current maturities of long-term debt | 1,469 |
| | 1,575 |
| Long-term debt of NEECH, excluding current maturities | 9,770 |
| | 9,242 |
| NEER: | |
| | |
| Senior secured limited-recourse bonds and notes - maturing 2017 through 2038 - 4.125% to 7.59% | 2,523 |
| | 2,483 |
| Senior secured limited-recourse term loans - maturing 2015 through 2031 - primarily variable, 3.15% and 2.77% weighted-average interest rates, respectively(c)(d) | 3,874 |
| | 2,617 |
| Other long-term debt - maturing 2015 through 2030 - primarily variable, 3.45% and 2.83% weighted-average interest rates, respectively(c)(d)(g) | 808 |
| | 836 |
| Canadian revolving credit facilities - maturing 2014 and 2016 - variable, 2.33% and 2.33% weighted-average interest rates, respectively(c) | 472 |
| | 413 |
| Unamortized discount | (10 | ) | | — |
| Total long-term debt of NEER | 7,667 |
| | 6,349 |
| Less current maturities of long-term debt(g) | 1,941 |
| | 743 |
| Long-term debt of NEER, excluding current maturities | 5,726 |
| | 5,606 |
| Total long-term debt | $ | 23,969 |
| | $ | 23,177 |
|
______________________ | | (a) | Principal on the storm-recovery bonds is due on the final maturity date (the date by which the principal must be repaid to prevent a default) for each tranche, however, it is being paid semiannually and sequentially. |
| | (b) | Tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of December 31, 2013, all tax exempt bonds tendered for purchase have been successfully remarketed. FPL's bank revolving line of credit facilities are available to support the purchase of tax exempt bonds. |
| | (c) | Variable rate is based on an underlying index plus a margin except for in 2013 approximately $1.1 billion of NEER's senior secured limited-recourse term loans is based on the greater of an underlying index or a floor, plus a margin. |
| | (d) | Interest rate contracts, primarily swaps, have been entered into for the majority of these debt issuances. See Note 3. |
| | (e) | During 2013, the debentures maturing in 2015 and bearing interest at the rate of 1.90% were remarketed and the interest rate was reset to 1.339% per year. See discussion below. |
| | (f) | Issued by a wholly-owned subsidiary of NEECH and collateralized by a third-party note receivable held by that subsidiary. See Note 4 - Fair Value of Financial Instruments Recorded at the Carrying Amount. |
| | (g) | See Note 13 - Spain Solar Projects for discussion of events of default related to debt associated with the Spain solar projects. |
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