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ORDER NO. PSC-2021-0409-FOF-EI
<br />DOCKET NO. 20210127 -El
<br />PAGE 3
<br />time by one or more wholly-owned, special purpose subsidiaries of FPL, with the proceeds of
<br />such borrowings to be used solely for the benefit of: (1) FPL's regulated utility operations; (2)
<br />short-term and long-term funding of the regulated utility operations of FCG; and (3) FPL's or
<br />FCC's customers. In furtherance of the foregoing:
<br />• On February 8, 2013, FPL entered into an amended and restated syndicated revolving credit
<br />and letter of credit agreement (as amended, referred to as the 2013 Revolving Credit
<br />Agreement) which, as amended, provides for approximately $2.398 billion of commitments.
<br />As of June 30, 2021, approximately $2.220 billion will expire on February 8, 2026, $93.825
<br />million will expire on February 8, 2025, $74.825 million will expire on February 8, 2023 and
<br />$9.375 million will expire on February 8, 2022. Borrowings and letter of credit issuances
<br />under the 2013 Revolving Credit Agreement are available for general corporate purposes,
<br />including, without limitation, to pay any interest or fees owing under that agreement, provide
<br />backup for FPL's self-insurance program covering its and its subsidiaries' operating facilities,
<br />and fund the cost of the prompt restoration, reconstruction and/or repair of facilities that may
<br />be damaged or destroyed due to the occurrence of any man-made or natural disaster or event
<br />or otherwise.
<br />• On April 30, 2019, FPL entered into a $500 million syndicated revolving credit agreement
<br />(referred to as the April 2019 Revolving Credit Agreement) with an expiration date of April
<br />30, 2022. The proceeds of borrowings under the April 2019 Revolving Credit Agreement are
<br />available for FPL's general corporate purposes, including to provide additional liquidity in
<br />the event of a loss to FPL's operating facilities, including a transmission and distribution
<br />property loss.
<br />• On June 24, 2019, FPL (as successor to Gulf by merger) entered into a $900 million
<br />syndicated revolving credit and letter of credit agreement (referred to as the June 2019
<br />Revolving Credit Agreement) with an expiration date of February 8, 2026. The proceeds of
<br />borrowings under the June 2019 Revolving Credit Agreement are available for FPL's general
<br />corporate purposes, including, without limitation, to pay any interest or fees owing under that
<br />agreement, provide backup for FPL's self-insurance program covering its and its subsidiaries'
<br />operating facilities, and fund the cost of the prompt restoration, reconstruction and/or repair
<br />of facilities that may be damaged or destroyed due to the occurrence of any man-made or
<br />natural disaster or event or otherwise.
<br />• Borrowings and/or letter of credit issuances available to FPL under the 2013 Revolving
<br />Credit Agreement, the April 2019 Revolving Credit Agreement and the June 2019 Revolving
<br />Credit Agreement also can be used to support the purchase of Revenue Bonds that are
<br />tendered by individual bond holders and not remarketed prior to maturity.
<br />• On November 24, 2015, FPL entered into a term loan with a commercial bank, which facility
<br />was amended and converted on August 25, 2016, to a $200 million revolving loan credit
<br />commitment and has a maturity date of December 30, 2021.
<br />• On November 25, 2015, FPL entered into a term loan with a commercial bank, which facility
<br />was amended and converted on November 3, 2016, to a $100 million revolving loan credit
<br />commitment with a maturity date of July 5, 2022.
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