PPL Corp. (PPL: Quote) said Monday that it plans to make a registered underwritten public offering of 9.9 million shares of its common stock.
The company said that in conjunction with this offering, the underwriters will be granted an option to purchase up to an additional 1.485 million shares of the its common stock to cover over-allotments, if any.
Subject to certain conditions, all shares will be offered in connection with the execution by the company of the forward sale agreements described below. The company expects the offering close on or about April 13, 2012.
The company said that it plans to use any net proceeds that it receives to make capital contributions to its subsidiaries, to repay short-term debt obligations and for other general corporate purposes.
Morgan Stanley and BofA Merrill Lynch are acting as joint book-running managers for the offering.
In connection with the offering, the company said that it has entered into a forward sale agreement with each of Morgan Stanley & Co. LLC and Merrill Lynch International.
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by RTT Staff Writer
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