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PPL Electric Utilities sells $400M of 1st mortgage bonds

PPL Electric Utilities Corp. sold $400 million of its 3.00% first mortgage bonds due 2049.

Interest on the bonds is payable every April 1 and Oct. 1, starting April 1, 2020.

The PPL Corp. subsidiary plans to use net proceeds from the offering to repay short-term debt and for general corporate purposes.

Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, CIBC World Markets Corp. and U.S. Bancorp Investments Inc. are the joint book-running managers for the transaction. BMO Capital Markets Corp., Santander Investment Securities Inc., SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are the co-managers.