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PPL Electric Utilities issues $400M of mortgage bonds

PPL Electric Utilities Corp. on June 14 issued $400 million of 4.15% first mortgage bonds due 2048, according to a filing.

Subject to early redemption, the bonds will mature June 15, 2048. The PPL Corp. subsidiary will allot net proceeds from the sale of the bonds to repay short-term debt and for general corporate purposes.

BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint book-running managers for the transaction, while CIBC World Markets Corp., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. were the co-managers.