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: June 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.
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59-2449419
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700 Universe
Boulevard
Juno Beach,
Florida 33408
(561)
694-4000
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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:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
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
In December 2008,
FPL Group Capital Inc (FPL Group Capital), a wholly-owned subsidiary of FPL
Group, Inc. (FPL Group), entered into a 12.5 billion Japanese Yen principal
amount term loan agreement, which amount may be increased up to a maximum
aggregate principal amount of 30.0 billion Japanese Yen, subject to certain
terms and conditions of the term loan agreement, to the extent additional
commitments are made available by the existing or additional
lenders. On June 15, 2009, FPL Group Capital increased the
borrowing capacity available under the Japanese Yen term loan agreement by 14.0
billion Japanese Yen to a total of 26.5 billion Japanese Yen, and on
June 19, 2009, increased its borrowings under this term loan agreement by
14.0 billion Japanese Yen to a total of 26.5 billion Japanese
Yen. The loan bears interest at a variable rate equal to Japanese Yen
LIBOR plus a specified margin, payable quarterly, and the principal is due in
December 2011. Immediately upon funding of the increased borrowings,
FPL Group Capital exchanged the additional 14.0 billion Japanese Yen borrowed
for United States Dollars (approximately $146 million) and entered into a cross
currency swap to hedge against currency and interest rate movements with respect
to both interest and principal payments on the additional
borrowings. Payment of the loan is guaranteed by FPL Group and the
loan agreement contains default and associated acceleration provisions relating
to the failure to make required payments, the failure of FPL Group to maintain a
ratio of funded debt to total capitalization at or below a specified ratio and
certain events in bankruptcy, insolvency or reorganization relating to FPL Group
Capital or FPL Group, as well as other covenants applicable to FPL Group Capital
and FPL Group. The proceeds from the loan are being used for general
corporate purposes.
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: June 19,
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