---
schema_version: "secwatch.filing_event.v1"
accession: "0000922224-23-000016"
form_type: "8-K"
ticker: "PPL"
cik: "0000922224"
company_name: "PPL Corp"
filed_at: "2023-02-24T23:59:59+00:00"
generated_at: "2026-06-19T01:13:33.684465+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# PPL subsidiary issues $1B of 2.875% exchangeable senior notes due 2028

## Summary
- $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.

## SEC filing metadata
- accession: 0000922224-23-000016
- form_type: 8-K
- ticker: PPL
- cik: 0000922224
- company_name: PPL Corp
- filed_at: 2023-02-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/922224/000092222423000016/0000922224-23-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/922224/000092222423000016/ppl-20230221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000922224-23-000016
- JSON: https://secwatch.observer/filing/0000922224-23-000016.json
- Plain text: https://secwatch.observer/filing/0000922224-23-000016.txt

## Key facts
- Debt Financings
  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
  source text: 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")
  evidence_url: https://www.sec.gov/Archives/edgar/data/922224/000092222423000016/0000922224-23-000016-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/922224/000092222423000016/0000922224-23-000016-index.htm
- Material Agreements
  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
  source text: 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").
  evidence_url: https://www.sec.gov/Archives/edgar/data/922224/000092222423000016/0000922224-23-000016-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.