PPL Corporation announces pricing of equity units offering

Core Viewpoint - PPL Corporation has announced the pricing of its public offering of 20,000,000 Equity Units, aiming to raise approximately $1 billion to repay short-term debt and for general corporate purposes [1]. Group 1: Offering Details - Each Equity Unit is priced at $50, leading to an aggregate stated amount of $1,000,000,000 [1]. - The offering includes a Corporate Unit that consists of a contract to purchase PPL common stock, along with beneficial ownership interests in two sets of Remarketable Senior Notes due in 2034 and 2039, each with a principal amount of $1,000 [1]. - Total distributions on the Corporate Units will be at a rate of 7.00% per year, which includes interest payments on the Remarketable Senior Notes and contract adjustment payments [1]. Group 2: Purchase Contracts - Holders of the purchase contracts are required to buy a variable number of shares of PPL common stock by February 15, 2029, with a reference price of $37.2606 per share [1]. - The minimum settlement rate is 1.0735 shares per Equity Unit, while the maximum settlement rate is 1.3419 shares per Equity Unit, both subject to adjustments [1]. Group 3: Financial Proceeds and Use - The net proceeds from the offering are expected to be approximately $981 million, or $1,128 million if the over-allotment option is fully exercised [1]. - The proceeds will primarily be used to repay short-term debt and for general corporate purposes [1]. Group 4: Underwriters and Listing - J.P. Morgan Securities LLC, BofA Securities, Morgan Stanley & Co. LLC, and RBC Capital Markets, LLC are the joint book-running managers for the offering [1]. - PPL Corporation intends to list the Corporate Units on The New York Stock Exchange, with trading expected to commence within 30 days of the initial issuance [1].