JUNO BEACH, FL - NextEra Energy, Inc. (NYSE:NEE) and its subsidiary Florida Power & Light Company announced today the sale of $350 million in bonds. Specifically, these are 5.00% First Mortgage Bonds, Series due August 1, 2034. The bonds were sold on Tuesday, July 30, 2024, and are registered under the Securities Act of 1933.
This financial move comes as part of NextEra Energy's broader capital-raising efforts. The registration for these bonds was filed under Registration Statement Nos. 333-278184, 333-278184-01, and 333-278184-02, as noted in the company's 8-K filing with the Securities and Exchange Commission (SEC).
Legal opinions and consents regarding the issuance of the bonds were provided by Squire Patton Boggs (US) LLP and Morgan, Lewis & Bockius LLP, both serving as counsel to Florida Power & Light Company. These documents have been filed as exhibits to the 8-K report.
NextEra Energy, headquartered in Juno Beach, Florida, operates in the electric services industry under the organization name 01 Energy & Transportation.
In other recent news, NextEra Energy's subsidiary, Florida Power & Light Company, has issued $350 million in First Mortgage Bonds. Concurrently, NextEra Energy reported a shortfall in both profit and revenue for the second quarter, with a decline of approximately 17% to $6.07 billion from the comparable quarter last year.
Despite this, the company has maintained its adjusted earnings per share forecast for 2024, projecting a range between $3.23 and $3.43 per share.
In analyst updates, BMO (TSX:BMO) Capital Markets raised its price target for NextEra Energy, following a recent quarterly review that led to an upward revision of the company's second-quarter earnings estimate for 2024. Additionally, NextEra Energy has expanded its Board of Directors with the appointment of Geoffrey S. Martha, the Chairman and CEO of Medtronic (NYSE:MDT) plc.
The company's subsidiary has also successfully sold $167.1 million in floating rate notes due in 2074.
InvestingPro Insights
As NextEra Energy (NYSE:NEE) continues its capital-raising initiatives with the recent sale of bonds, it's important for investors to consider the company's broader financial health and market performance. According to real-time data from InvestingPro, NextEra Energy boasts a market capitalization of $152.08 billion, reflecting its significant presence in the electric services industry. The company's P/E ratio stands at 23.94, suggesting that investors are willing to pay almost $24 for every dollar of earnings, which is a noteworthy factor when evaluating the company's stock valuation.
InvestingPro Tips highlight that NextEra Energy has a strong track record of raising its dividend for 28 consecutive years and maintaining dividend payments for 54 consecutive years, which can be particularly appealing to income-focused investors. Additionally, the company has experienced a large price uptick over the last six months, with a 27.37% total return, indicating robust recent performance in the stock market.
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