PPL Electric Utilities Corp. filed a free writing prospectus June 11 for $400 million of its 4.15% first mortgage bonds due June 15, 2048.
Interest on the bonds is payable semiannually on June 15 and Dec. 15 of each year, starting Dec. 15. The bonds have a spread to benchmark Treasury of 108 basis points.
The PPL Corp. subsidiary intends to use net proceeds for general corporate purposes and to repay $179 million in outstanding short-term debt, including commercial paper borrowings.
BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC acted as joint book-running managers. CIBC World Markets Corp., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. served as co-managers.
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