NextEra Energy announces settlement rate for equity units issued in May 2009
JUNO BEACH, Fla., May 30, 2012 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced the settlement rate for the stock purchase contracts that are a component of the equity units that it issued in May 2009. Holders of the equity units will receive 0.7715 shares of NextEra Energy common stock under each stock purchase contract, with cash to be paid in lieu of any fractional shares. The settlement rate is based upon the average of the closing price per share of NextEra Energy common stock on the New York Stock Exchange for the 20 consecutive trading days ending on May 29, 2012. That average price, which was less than the "threshold appreciation price," but greater than the "reference price" (each as defined under the terms of the equity units), results in the settlement rate of 0.7715 shares.
Consequently, on June 1, 2012, each holder of the equity units will purchase from NextEra Energy 0.7715 shares of common stock per unit for a payment of $50.00. Unless they have elected to make separate cash settlements, the holders will not be required to make any cash payment for such shares. Instead, the holders' purchase payment obligations will be satisfied from the proceeds generated by the completion on May 21, 2012, of the successful remarketing of the NextEra Energy Capital Holdings, Inc. debentures that were formerly a component of the equity units.
Upon settlement of the purchase contracts, NextEra Energy will issue approximately 5.4 million shares of common stock in exchange for $350 million.
On June 1, 2012, the equity unit holders of record on May 31, 2012, will receive the final regular quarterly cash distribution of $1.046875 per equity unit.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with revenues of more than $15.3 billion, more than 41,000 megawatts of generating capacity, and approximately 15,000 employees in 24 states and Canada as of year-end 2011. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.6 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the country, and NextEra Energy Resources, LLC, which together with affiliated entities is the largest generator in the United States of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy operates the third largest number of commercial nuclear power units in the United States. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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