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")

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Source: SEC EDGAR

accession 0000922224-25-000057

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