PPL Capital Funding, Inc. announces pricing of $1 billion of 3.000% Exchangeable Senior Notes

Core Viewpoint - PPL Capital Funding, Inc. has announced the pricing of $1 billion in 3.000% Exchangeable Senior Notes due 2030, aimed at qualified institutional buyers, with expected net proceeds of approximately $988.8 million after discounts [1][6]. Group 1: Offering Details - The offering consists of $1 billion aggregate principal amount of 3.000% Exchangeable Senior Notes due 2030, with an option for initial purchasers to buy an additional $150 million [1]. - The notes will bear interest at a rate of 3.000% per year, payable semi-annually starting June 1, 2026, and will mature on December 1, 2030 [2]. - The initial exchange rate is set at 23.4412 shares of PPL Corporation's common stock per $1,000 principal amount of notes, equating to an exchange price of approximately $42.66 per share, representing a 20% premium over the last reported sale price of $35.55 [3]. Group 2: Redemption and Repurchase Rights - PPL Capital Funding may not redeem the notes prior to December 5, 2028, and can redeem them at 100% of the principal amount plus accrued interest if certain stock price conditions are met [4]. - Holders of the notes have the right to require PPL Capital Funding to repurchase their notes upon the occurrence of a fundamental change at a repurchase price of 100% of their principal amount plus accrued interest [5]. Group 3: Use of Proceeds - The net proceeds from the offering are intended to be used for repaying short-term debt and for general corporate purposes [6]. Group 4: Company Overview - PPL Corporation is a leading U.S. energy company providing electricity and natural gas to over 3.6 million customers, focusing on building resilient power grids and advancing sustainable energy solutions [9].