What securities were issued and by whom?

Louisville Gas and Electric Company and Kentucky Utilities Company, both subsidiaries of PPL Corporation, each issued $700,000,000 aggregate principal amount of 5.850% First Mortgage Bonds due 2055 on August 13, 2025.

When do the new bonds mature and are they redeemable early?

The bonds are due August 15, 2055, and are subject to early redemption under their terms.

What will the proceeds be used for?

Each company intends to use the net proceeds to repay its 3.300% Series First Mortgage Bonds due October 1, 2025 (LG&E: $300 million; KU: $250 million), to repay short-term debt, and for other general corporate purposes.

What collateral secures the bonds?

The bonds are secured by the lien of each company's indenture, which covers, subject to certain exceptions and exclusions, substantially all of the company's real and tangible personal property located in Kentucky and used in generation, transmission and distribution of electricity (and, for LG&E, storage, transportation and distribution of natural gas).

Under what registration were the bonds offered?

The bonds were offered and sold under each company's Registration Statement on Form S-3 on file with the SEC (Nos. 333-277140-02 for LG&E and 333-277140-01 for KU).

PPL/PPLC 8-K: Financial Events

01—Abstract

Summary

Summary of the 8-K filed August 13, 2025. Cited figures are marked; the original filing is the authoritative source.

PPL Corporation's subsidiaries Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU) each issued $700,000,000^a aggregate principal amount of 5.850% First Mortgage Bonds due 2055 on August 13, 2025.

Both series were issued under their respective 2010 indentures with The Bank of New York Mellon as trustee, as supplemented by Supplemental Indentures dated as of August 1, 2025, and are secured by liens on substantially all of each utility's real and tangible personal property located in Kentucky used in electricity generation, transmission and distribution (and, for LG&E, natural gas storage, transportation and distribution). The filing states that each company intends to use the net proceeds to repay its $300 million^b (LG&E) and $250 million (KU) 3.300% Series First Mortgage Bonds maturing October 1, 2025, to repay short-term debt, and for other general corporate purposes. The bonds were offered under shelf Registration Statements on Form S-3 (Nos. 333-277140-02 and 333-277140-01).

For investors, the filing is a debt financing and refinancing disclosure: it adds $1.4 billion^c of long-term first mortgage debt across the two utilities, with maturities in 2055, and retires near-term higher-coupon-equivalent maturities coming due in October 2025. The filing does not discuss earnings, guidance or other operating results.

02—Key points

Key Highlights

LG&E issued $700 million of 5.850% First Mortgage Bonds due August 15, 2055.
KU issued $700 million of 5.850% First Mortgage Bonds due August 15, 2055.
Proceeds are intended to repay LG&E's $300 million 3.300% First Mortgage Bonds and KU's $250 million 3.300% First Mortgage Bonds, both due October 1, 2025.
Proceeds are also intended to repay short-term debt and for other general corporate purposes.
Both series are secured by liens on substantially all of each utility's Kentucky real and tangible personal property used in utility operations.
The bonds were sold under Form S-3 shelf registration statements (Nos. 333-277140-02 and 333-277140-01).
Supplemental Indentures No. 10 (LG&E) and No. 11 (KU), dated August 1, 2025, and related Officer's Certificates are filed as exhibits.

03—Questions

Frequently Asked Questions

What securities were issued and by whom?
Louisville Gas and Electric Company and Kentucky Utilities Company, both subsidiaries of PPL Corporation, each issued $700,000,000 aggregate principal amount of 5.850% First Mortgage Bonds due 2055 on August 13, 2025.
When do the new bonds mature and are they redeemable early?
The bonds are due August 15, 2055, and are subject to early redemption under their terms.
What will the proceeds be used for?
Each company intends to use the net proceeds to repay its 3.300% Series First Mortgage Bonds due October 1, 2025 (LG&E: $300 million; KU: $250 million), to repay short-term debt, and for other general corporate purposes.
What collateral secures the bonds?
The bonds are secured by the lien of each company's indenture, which covers, subject to certain exceptions and exclusions, substantially all of the company's real and tangible personal property located in Kentucky and used in generation, transmission and distribution of electricity (and, for LG&E, storage, transportation and distribution of natural gas).
Under what registration were the bonds offered?
The bonds were offered and sold under each company's Registration Statement on Form S-3 on file with the SEC (Nos. 333-277140-02 for LG&E and 333-277140-01 for KU).

04—Continue

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