PPL Announces $1.15 Billion Equity Units Offering

Davis Polk represented PPL Corporation in connection with its SEC-registered offering of equity units. The transaction comprised an offering of 23,000,000 equity units, which included 3,000,000 equity units issued upon full exercise by the underwriters of their over-allotment option. Each equity unit has a stated amount of $50 and was initially issued as a corporate unit consisting of (i) a purchase contract issued by PPL Corporation, (ii) a 1/40 (2.5%) undivided beneficial ownership interest in $1,000 principal amount of PPL Capital Funding, Inc.'s 4.02% remarketable senior notes due 2034, and (iii) a 1/40 (2.5%) undivided beneficial ownership interest in $1,000 principal amount of PPL Capital Funding, Inc.'s 4.02% remarketable senior notes due 2039. PPL Capital Funding, Inc. and PPL Corporation expect to use the net proceeds from the sale of the equity units to repay short-term debt and for general corporate purposes. PPL, headquartered in Allentown, Pennsylvania, is a U.S. energy company serving more than 3.5 million customers with electricity and natural gas and is focused on building resilient power grids and advancing sustainable energy solutions. Davis Polk represented PPL Corporation with a team composed by: the corporate team — partner Michael Kaplan and associates Kanger Jin and Jean (Jean Young) Koo; the equity derivatives team — partner Mark M. Mendez, counsel M. Faisal Baloch and associates Richard Stockton Bullitt and Jessica Carter; and the tax team — partner Lucy W. Farr, counsel Yixuan Long and associate Katherine S. Xiu. All members of the Davis Polk team are based in the firm's New York office.

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PPL Announces $1.15 Billion Equity Units Offering

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PPL Announces $1.15 Billion Equity Units Offering

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