UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of
earliest event reported: October 15,
2009
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Commission
File
Number
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Exact
name of registrant as specified in its
charter,
address of principal executive offices and
registrant's
telephone number
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IRS
Employer
Identification
Number
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||
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1-8841
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FPL
GROUP, INC.
700
Universe Boulevard
Juno
Beach, Florida 33408
(561)
694-4000
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59-2449419
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State or
other jurisdiction of incorporation or
organization: Florida
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
SECTION
2 - FINANCIAL
INFORMATION
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant
On
October 15, 2009, Pipeline Funding Company, LLC (PFC), a wholly-owned subsidiary
of FPL Group Capital Inc (FPL Group Capital), issued $500 million principal
amount of 7.500% senior secured bonds. FPL Group Capital is a
wholly-owned subsidiary of FPL Group, Inc. Interest on the bonds will
be payable semi-annually and the principal will be partially amortizing with a
balloon payment due at maturity in January 2030. The net proceeds of
the bonds will be used primarily to return a portion of FPL Group Capital's
investment in PFC. To secure the bonds, PFC has pledged its revenues
and rights under a third party loan agreement and certain related
agreements. The bonds contain default provisions relating to any
failure by PFC to make the required bond payments, certain bankruptcy events and
certain defaults under the third party loan agreement. In addition,
upon the occurrence of a change in control of the third party, the PFC bond
holders may require that PFC repurchase the bonds at a specified
premium. Similarly, the third party loan agreement enables PFC to
require prepayment of the third party loan upon the occurrence of a change in
control of the third party.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
FPL
GROUP, INC.
(Registrant)
Date: October
15, 2009
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K.
MICHAEL DAVIS
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K.
Michael Davis
Controller
and Chief Accounting Officer of FPL Group, Inc.
(Principal
Accounting Officer of the
Registrant)
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2