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
Shares of Tractor Supply Co. (TSCO) slipped over 7 percent in the extended hours after the company issued a weak second-quarter guidance and lowered its annual outlook, due to weak sales of its seasonal products. For the second quarter, the company now expects earnings of $1.15 to $1.16 per share... Hard-disk driver maker Seagate Technology plc (STX) late Wednesday said it was cutting 1,600 jobs or about 3% of its global workforce to curb expenses. The company expects to save about $100 million a year, having a favorable impact on cost of revenue and operating expenses by about $48 million and... PepsiCo Inc. (PEP) is bringing back Crystal Pepsi, the colorless soda launched in 1992, a move that the food and beverages giant expects will boost its slowing sales. The 1990s-era clear soda will go on sale in 20-ounce bottles for a limited time at major retailers starting July 7 in Canada and August...
comments powered by Disqus
Follow RTT