PPL Capital Funding Issues $1.15 Billion Exchangeable Senior Notes Due 2030

Davis Polk advised PPL Capital Funding, Inc. on an unregistered offering of exchangeable senior notes that was fully and unconditionally guaranteed by PPL Corporation. The transaction consisted of $1.15 billion aggregate principal amount of 3.000% exchangeable senior notes due 2030. The offering included $150 million principal amount of notes issued pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. PPL Capital Funding, Inc. and PPL Corporation expect to use the net proceeds from the sale of the notes to repay short-term debt and for general corporate purposes. PPL, headquartered in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas to more than 3.5 million customers in the United States. Its utilities are engaged in building more resilient power grids and advancing sustainable energy solutions. Davis Polk represented PPL Capital Funding, Inc. with a team composed by: partner Michael Kaplan; associates Kanger Jin, Fei Deng and Jean (Jean Young) Koo. The equity derivatives team included partners Caitlin L. Wood and Mark M. Mendez and associate Richard Stockton Bullitt. Counsel Matthew R. Silver provided 1940 Act advice. Partner Lucy W. Farr and counsel Yixuan Long provided tax advice. All members of the Davis Polk team are based in the New York office.

PPL Capital Funding Issues $1.15 Billion Exchangeable Senior Notes Due 2030

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