logo
Share SHARE
FONT-SIZE Plus   Neg

PPL Plans Public Offering Of 9.9 Mln Shares

PPL Corp. (PPL) 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

Quick Facts

Editors Pick
Samsung is planning to sell the recalled Galaxy Note 7 devices as refurbished or rental phones where applicable, but not in US. In a statement, the company said, "Regarding the Galaxy Note 7 devices as refurbished phones or rental phones, applicability is dependent upon consultations with regulatory authorities and carriers as well as due consideration of local demand. The markets and release dat Hollywood is spending more than ever to produce movies, with new technology and computer graphics imaging (CGI) bringing superheroes to life. Directors constantly one-up one another with special effects, while actors like Johnny Depp or Tobey Maguire are demanding beaucoup bucks to reprise their... Sluggish sales of video games have forced GameStop to take a decision to close around 150 retail locations. Digital downloads and competition from rivals are said to be the reason for shut down. The company operates around 6600 stores worldwide and has not revealed the list of shops to be closed. According to reports GameStop is planning the closure of up to 3 percent of their shops.
comments powered by Disqus
Follow RTT