WASHINGTON (dpa-AFX) - PPL Capital Funding, Inc., a wholly-owned subsidiary of PPL Corp. (PPL), announced the pricing of $1 billion aggregate principal amount of its 3.000% Exchangeable Senior Notes due 2030 in a private placement.
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 $150 million aggregate principal amount of notes. The sale of the notes to the initial purchasers is expected to settle on November 24, 2025, subject to customary closing conditions, and is expected to result in approximately $988.8 million in net proceeds to PPL Capital Funding after deducting the initial purchasers' discount but before deducting estimated offering expenses payable by 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 Corporation. The notes will bear interest at a rate of 3.000% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2026. The notes will mature on December 1, 2030, unless earlier exchanged, redeemed or repurchased.
PPL Capital Funding intends to use the net proceeds from the offering to repay short-term debt and for general corporate purposes.
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