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
Best Buy Co., Inc. (BBY) reported first-quarter non-GAAP earnings per share from continuing operations of $0.44, an increase of 19% from $0.37, a year ago. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.35 for the quarter. Analysts' estimates typically... Automotive parts retailer AutoZone, Inc. on Tuesday reported a 6 percent increase in profit for the third quarter from last year, reflecting growth in sales and higher inventory on new store openings. However, both revenue and earnings per share for the quarter missed analysts' expectations. Toll Brothers, Inc. (TOL), the nation's leading builder of luxury homes, reported second-quarter net income of $89.1 million, or $0.51 per share, compared to $67.9 million, or $0.37 per share, prior year. Pre-tax income increased to $140.4 million from $86.5 million. On average, 18 analysts polled by...
comments powered by Disqus
Follow RTT