PPL Corp (PPL): debt financing — PPL subsidiary issues $1B of 2.875% exchangeable senior notes due 2028

PPL Corp

$1B aggregate principal (incl. $100M from full exercise of option) at 2.875% interest, due March 15, 2028.
Net proceeds $980M after discounts; used to repay short-term debt and for general corporate purposes.
Notes exchangeable into PPL common stock at initial exchange price ~$34.08/share (22.5% premium to $27.82 close).
Senior unsecured obligations of PPL Capital Funding, fully guaranteed by PPL Corporation.
No redemption before March 20, 2026; thereafter conditional on stock price meeting 130% of exchange price.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PPL Corp incurred senior notes of $1 billion aggregate principal amount with The Bank of New York Mellon, as trustee at 2.875% per year maturing March 15, 2028.

Instrument: senior notes
Principal: $1 billion aggregate principal amount
Counterparty: The Bank of New York Mellon, as trustee
Rate: 2.875% per year
Maturity: March 15, 2028
Event: incurrence

Exact text from the filing

On February 24, 2023, PPL Capital Funding, Inc., a wholly owned subsidiary of PPL Corporation (the "Issuer"), issued $1 billion aggregate principal amount of 2.875% Exchangeable Senior Notes due 2028 (the "Notes")

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PPL Corp entered into Indenture with The Bank of New York Mellon, as trustee valued at $1 billion aggregate principal amount of 2.875% Exchangeable Senior Notes due 2028 (effective 2023-02-24).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon, as trustee
Value: $1 billion aggregate principal amount of 2.875% Exchangeable Senior Notes due 2028
Effective: 2023-02-24

Exact text from the filing

The Issuer issued the Notes pursuant to an indenture, dated as of February 24, 2023 (the "Indenture"), among the Issuer, the Guarantor and The Bank of New York Mellon, as trustee.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PPL Corp entered into Purchase Agreement with Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and RBC Capital Markets, LLC, as representatives of the several initial purchasers named therein valued at $1 billion aggregate principal amount of 2.875% Exchangeable Senior Notes due 2028 (effective 2023-02-21).

Action: entry
Agreement: underwriting
Counterparty: Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and RBC Capital Markets, LLC, as representatives of the several initial purchasers named therein
Value: $1 billion aggregate principal amount of 2.875% Exchangeable Senior Notes due 2028
Effective: 2023-02-21

Exact text from the filing

In connection with the offering, the Issuer and the Guarantor entered into a purchase agreement dated February 21, 2023 (the "Purchase Agreement") with Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and RBC Capital Markets, LLC, as representatives of the several initial purchasers named therein (the "Initial Purchasers").

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10 debt financings filed in the last 30 days. Browse all debt financings →

PPL Corp filing history →

Source: SEC EDGAR

accession 0000922224-23-000016

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