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Louisville Gas and Electric secures loans from environmental bonds

The County of Trimble, Ky., on June 1 issued $60 million aggregate principal amount of its 2017 series A environmental facilities revenue refunding bonds on behalf of Louisville Gas and Electric Co.

The proceeds, loaned to the PPL Corp. subsidiary, are being used to pay and discharge $60 million in outstanding principal amount of 2007 series A environmental facilities revenue refunding bonds previously issued by Trimble County. The 2007 series A bonds were issued on behalf of Louisville Gas and Electric to refinance certain air and water pollution control facilities and solid waste disposal facilities, according to a Form 8-K filed June 1.

The bonds carry a long-term interest rate of 3.75% per year, payable on June 1 and Dec. 1 and mature on June 1, 2033. U.S. Bank National Association is acting as a trustee to the environmental bonds.