PPL Corp (PPL): debt financing — PPL subsidiary issues $500M 5.350% Senior Notes due 2034 for debt repayment

PPL Corp

The Narragansett Electric Company (Rhode Island Energy) issued $500M aggregate principal of 5.350% Senior Notes due 2034.
Net proceeds of $496.4M after discounts; used to repay short-term debt and for general corporate purposes.
Notes are unsecured, rank pari passu with existing unsecured debt; not guaranteed by PPL Corporation.
Interest payable semiannually on May 1 and November 1; maturity May 1, 2034, with optional redemption.
Offering conducted via private placement under Rule 144A and Regulation S.

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 $500 million aggregate principal amount of 5.350% Senior Notes due 2034 at 5.350% per year maturing May 1, 2034.

Instrument: senior notes
Principal: $500 million aggregate principal amount of 5.350% Senior Notes due 2034
Rate: 5.350% per year
Maturity: May 1, 2034
Event: incurrence

Exact text from the filing

On March 25, 2024, The Narragansett Electric Company (d/b/a Rhode Island Energy) (the "Issuer"), a wholly owned subsidiary of PPL Corporation, issued $500 million aggregate principal amount of 5.350% Senior Notes due 2034 (the "Notes").

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

PPL Corp entered into Sixth Supplemental Indenture with The Bank of New York Mellon valued at Supplemental indenture governing the Notes, dated March 25, 2024, between the Issuer and The Bank of (effective 2024-03-25).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon
Value: Supplemental indenture governing the Notes, dated March 25, 2024, between the Issuer and The Bank of
Effective: 2024-03-25

Exact text from the filing

as further supplemented by a sixth supplemental indenture dated March 25, 2024 between the Issuer and The Bank of New York Mellon, as securities registrar, trustee and paying agent (the "Sixth Supplemental Indenture"

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

PPL Corp entered into Purchase Agreement with Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC and RBC Capital Markets, LLC valued at Issued $500 million aggregate principal amount of 5.350% Senior Notes due 2034; net proceeds of $496 (effective 2024-03-21).

Action: entry
Agreement: notes offering
Counterparty: Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC and RBC Capital Markets, LLC
Value: Issued $500 million aggregate principal amount of 5.350% Senior Notes due 2034; net proceeds of $496
Effective: 2024-03-21

Exact text from the filing

On March 25, 2024, The Narragansett Electric Company (d/b/a Rhode Island Energy) (the "Issuer"), a wholly owned subsidiary of PPL Corporation, issued $500 million aggregate principal amount of 5.350% Senior Notes due 2034 (the "Notes").

View on SEC.gov

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

PPL Corp filing history →

Source: SEC EDGAR

accession 0000922224-24-000010

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.