WASHINGTON (dpa-AFX) - PPL Corporation (PPL) on Monday said it plans to raise $1 billion through a public offering of equity units to repay short-term debt and for general corporate purposes.
The company intends to issue 20 million corporate units priced at $50 a piece. Each unit will initially consist of a contract to purchase PPL common stock in the future and two 1/40 undivided beneficial ownership interests in remarketable senior notes issued by PPL Capital Funding, Inc., with a principal amount of $1,000 per note.
PPL expects to grant underwriters a 30-day option to purchase up to an additional 3 million corporate units to cover over-allotments.
J.P. Morgan Securities LLC, BofA Securities, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC will acts as joint book-running managers.
PPL intends to apply to list the corporate units on The New York Stock Exchange and expects trading to begin within 30 days of the initial issuance.
PPL shares closed at $37.44 on Friday, up 1.27%.
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