logo
Share SHARE
FONT-SIZE Plus   Neg

PPL Plans Public Offering Of 9.9 Mln Shares

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 underwriters will be granted an option to purchase up to an additional 1.485 million shares of the company's common stock solely to cover over-allotments, if any.

Closing of the offering is expected to occur on or about April 13.

In connection with the offering, the company has entered into a forward sale agreement with each of Morgan Stanley & Co. LLC and Merrill Lynch International pursuant to which the company has agreed to issue and sell each Forward Counterparty the same number of shares of the company's common stock sold by each Forward Counterparty to the underwriters in the public offering, at the price designated in the forward sales agreements, subject to certain adjustments.

The company said it plans to use any net proceeds that it receives upon any issuance and sale to the Forward Counterparties of shares of its common stock upon settlement of the forward sale agreements to make capital contributions to its subsidiaries, to repay short-term debt obligations and for other general corporate purposes.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Internet giant Google Inc. (GOOGL, GOOG) has launched a new online flight search tool that makes it easy to find out the best flight deal. The tool dubbed "Google Flights" provides a calendar that one can scroll through and see the lowest fare highlighted for each day. One can also use the lowest... Hyperloop Transportation Technologies, a start-up that has adopted Elon Musk's ambitious project of high-speed transportation system, plans to build a Hyperloop test track in California and completed as early as 2016. Hyperloop Test Technologies, a crowd-funded company, plans to take Musk's dream... Colors have set the social media afire after an otherwise innocuous photo of a bodycon dress kept users guessing as to what hues permeate it. Opinions are divided, with some seeing the dress as white and gold, and others as blue and black. The photo was posted on Tumblr by a user called Swiked.
comments powered by Disqus
RELATED NEWS
Trade PPL now with 
Follow RTT