PPL Capital Funding announces pricing of $900M in notes

PPL Capital Funding Inc. a wholly owned subsidiary of Allentown’s PPL Corp., has announced the pricing of $900 million aggregate principal amount of its 2.875% Exchangeable Senior Notes due 2028 in a private placement to qualified institutional buyers.  

PPL Capital Funding also granted the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the first date on which the notes are issued, up to an additional $100 million aggregate principal amount of notes.  

The sale of the notes to the initial purchasers is expected to settle on Feb. 24 subject to customary closing conditions and is expected to result in $882 million in net proceeds to PPL Capital Funding. 

 The notes will be senior, unsecured obligations of PPL Capital Funding and will be fully and unconditionally guaranteed on a senior, unsecured basis by PPL Corp.  

The notes will bear interest at a rate of 2.875% per year, payable semi-annually on March 15 and September 15 of each year, beginning Sept. 15, 2023.  

The notes will mature on March 15, 2028, unless earlier exchanged, redeemed or repurchased.