PPL Capital Funding, Inc., a wholly-owned subsidiary of PPL Corp. (PPL), an energy and utility holding company, on Wednesday it plans to offer $1 billion in Exchangeable Senior Notes due 2030 in a private placement.
The company intends to use the net proceeds to repay short-term debt and for general corporate purposes.
The company also expects to grant initial purchasers a 13-day option to buy up to an additional $150 million of notes.
The senior, unsecured notes will be fully and unconditionally guaranteed by PPL and will bear interest payable semiannually. The notes mature on December 1, 2030, unless earlier exchanged, redeemed, or repurchased.
The company said the notes cannot be redeemed until December 5, 2028, after which redemption requires PPL's stock to trade at least 130% above the exchange price for the required period.
Upon exchange, the company will pay cash up to the principal and settle any excess in cash, PPL stock, or both, with exchanges allowed only under certain conditions before September 1, 2030, and at any time thereafter until the day before maturity.
In the pre-market trading, PPL is 0.49% lesser at $36.31 on the New York Stock Exchange.
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