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PPL 8-K Report, Financial Obligation (Jan 5, 2024)

Reports
Financial Events·Other Events·Exhibits & Filings
Filing Date
Filed January 5, 2024
Period End
January 2, 2024
Securities
PPLPPLC
In the record · 2016–202610-K1110-Q328-K239

PPL filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 239 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’18May ’18
  2. Leadership change8-K · Jun ’20Jun ’20
  3. Deal closed8-K · May ’22May ’22
  4. Leadership change8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed January 5, 2024. Cited figures are marked; the original filing is the authoritative source.

PPL Electric Utilities Corporation, a subsidiary named in this combined filing with PPL Corporation, entered into an underwriting agreement dated January 2, 2024 with BMO Capital Markets Corp., BofA Securities, Inc., CIBC World Markets Corp. and Wells Fargo Securities, LLC, as representatives of the underwriters, for the sale of $650,000,000a of First Mortgage Bonds, 4.85% Series due 2034.

The Bonds were issued on January 5, 2024 under PPL Electric's 2001 Indenture with The Bank of New York Mellon, as trustee, as supplemented by Supplemental Indenture No. 25 dated January 1, 2024. The Bonds are secured by a lien on substantially all of PPL Electric's distribution properties and certain of its transmission properties, subject to certain exceptions and exclusions, and mature February 15, 2034, subject to early redemption. PPL Electric will use the net proceeds to repay short-term debt and for general corporate purposes.

The offering was made under PPL Electric's Form S-3 shelf registration statement (Registration No. 333-253290-03). The filing is primarily a debt financing disclosure under Item 2.03 and Item 8.01, and it does not report any change to earnings or operations.

The filing also lists supporting exhibits, including the Underwriting Agreement, the Supplemental Indenture, an Officer's Certificate dated January 5, 2024, and legal opinions from W. Eric Marr of PPL Services Corporation and from Bracewell LLP.

02—Key points

Key Highlights

  1. PPL Electric Utilities Corporation issued $650,000,000 of First Mortgage Bonds, 4.85% Series due 2034.
  2. Underwriting agreement dated January 2, 2024 with BMO Capital Markets Corp., BofA Securities, Inc., CIBC World Markets Corp. and Wells Fargo Securities, LLC as representatives of the underwriters.
  3. Bonds were issued January 5, 2024 under the 2001 Indenture with The Bank of New York Mellon, as trustee, as supplemented by Supplemental Indenture No. 25.
  4. Bonds are secured by a lien on substantially all of PPL Electric's distribution properties and certain transmission properties, subject to exceptions and exclusions.
  5. Bonds mature February 15, 2034, subject to early redemption.
  6. Net proceeds will be used to repay short-term debt and for general corporate purposes.
  7. Offering was made under PPL Electric's Form S-3 shelf registration statement (Registration No. 333-253290-03).

03—Questions

Frequently Asked Questions

  1. How much debt did PPL Electric issue and on what terms?

    PPL Electric sold $650,000,000 of First Mortgage Bonds, 4.85% Series due 2034. The bonds are due February 15, 2034, subject to early redemption.

  2. What collateral secures the bonds?

    The bonds are secured by the lien of the 2001 Indenture, which covers substantially all of PPL Electric's distribution properties and certain of its transmission properties, subject to certain exceptions and exclusions described in the indenture.

  3. What will PPL Electric do with the proceeds?

    The filing states that PPL Electric will use the net proceeds to repay short-term debt and for general corporate purposes.

  4. Under what registration was the offering made?

    The bonds were offered and sold under PPL Electric's Registration Statement on Form S-3 (Registration No. 333-253290-03).

04—Continue

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