08:44 AM EDT, 10/29/2024 (MT Newswires) -- NextEra Energy (NEE) said Tuesday it will sell equity units worth $1.5 billion to J.P. Morgan (JPM), Mizuho, and Goldman Sachs ( GS ) , with deal completion expected on Oct. 31.

Net proceeds of approximately $1.45 billion from the sale of units will support NextEra Energy Capital Holdings' ( NEE ) general investments in energy and power projects, and debt repayment, NextEra said.

Each $50 equity unit includes a purchase contract for NextEra common stock and a 5% stake in a debenture due in 2029. Total annual distributions on the equity units will be at the rate of 7.234%, consisting of interest on the debentures and payments under the stock purchase contracts, NextEra said.

Holders will complete their stock purchases by Nov. 1, 2027, based on a price range of $82.87 to $103.58 per share, the higher end of the range reflecting a 25% premium over the stock's closing price on the New York Stock Exchange on Oct. 28, NextEra said.

NextEra shares fell 3.8% in recent premarket activity.

Price: 79.70, Change: -3.17, Percent Change: -3.83