PPL Corp (PPL): debt financing — PPL subsidiary issues $1.15B of 3.000% Exchangeable Senior Notes due 2030

PPL Corp

$1.15B aggregate principal, 3.000% interest, semiannual, matures Dec 1, 2030; includes $150M from full greenshoe.
Initial exchange rate 23.4412 shares/$1,000 principal (~$42.66/share), a 20% premium to $35.55 close on Nov 19, 2025.
Net proceeds ~$1.14B after discounts; used to repay short-term debt and for general corporate purposes.
Notes are senior unsecured obligations of PPL Capital Funding, fully and unconditionally guaranteed by PPL Corporation.
Issued via private placement under Rule 144A to QIBs; shares deliverable upon exchange exempt from registration under Section 3(a)(9).

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 convertible notes of $1.15 billion aggregate principal amount with Wells Fargo Securities, LLC and Barclays Capital Inc., as representatives of the several initial purchasers at 3.000% per year maturing December 1, 2030.

Instrument: convertible notes
Principal: $1.15 billion aggregate principal amount
Counterparty: Wells Fargo Securities, LLC and Barclays Capital Inc., as representatives of the several initial purchasers
Rate: 3.000% per year
Maturity: December 1, 2030
Event: incurrence

Exact text from the filing

On November 24, 2025, PPL Capital Funding, Inc., a wholly owned subsidiary of PPL Corporation (the "Issuer"), issued $1.15 billion aggregate principal amount of 3.000% Exchangeable Senior Notes due 2030 (the "Notes")

View on SEC.gov

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

PPL Corp issued convertible note to qualified institutional buyers for $1.15 billion aggregate principal amount.

Security: convertible note
Purchaser: qualified institutional buyers
Consideration: $1.15 billion aggregate principal amount

Exact text from the filing

On November 24, 2025, PPL Capital Funding, Inc., a wholly owned subsidiary of PPL Corporation (the "Issuer"), issued $1.15 billion aggregate principal amount of 3.000% Exchangeable Senior Notes due 2030 (the "Notes")

View on SEC.gov

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

PPL Corp entered into Purchase Agreement dated November 19, 2025 with Wells Fargo Securities, LLC and Barclays Capital Inc. valued at Purchase agreement for $1.15 billion aggregate principal amount of 3.000% Exchangeable Senior Notes (effective 2025-11-19).

Action: entry
Agreement: underwriting
Counterparty: Wells Fargo Securities, LLC and Barclays Capital Inc.
Value: Purchase agreement for $1.15 billion aggregate principal amount of 3.000% Exchangeable Senior Notes
Effective: 2025-11-19

Exact text from the filing

In connection with the offering, the Issuer and the Guarantor entered into a purchase agreement dated November 19, 2025 (the "Purchase Agreement") with Wells Fargo Securities, LLC and Barclays Capital Inc., as representatives of the several initial purchasers named therein (the "Initial Purchasers").

View on SEC.gov

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

PPL Corp entered into Indenture for 3.000% Exchangeable Senior Notes due 2030 with The Bank of New York Mellon Trust Company, N.A. valued at $1.15 billion aggregate principal amount of 3.000% Exchangeable Senior Notes due 2030 (effective 2025-11-24).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $1.15 billion aggregate principal amount of 3.000% Exchangeable Senior Notes due 2030
Effective: 2025-11-24

Exact text from the filing

On November 24, 2025, PPL Capital Funding, Inc., a wholly owned subsidiary of PPL Corporation (the "Issuer"), issued $1.15 billion aggregate principal amount of 3.000% Exchangeable Senior Notes due 2030 (the "Notes"), which included an additional $150 million principal amount of Notes purchased pursuant to the full exercise of the option granted to the Initial Purchasers (as defined below) in the Purchase Agreement (as defined below).

View on SEC.gov

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

PPL Corp filing history →

Source: SEC EDGAR

accession 0000922224-25-000057

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.