01—Abstract
Summary
Summary of the 8-K filed May 18, 2026. Cited figures are marked; the original filing is the authoritative source.
PPL Corporation's wholly owned subsidiary, The Narragansett Electric Company (d/b/a Rhode Island Energy), issued $400 milliona aggregate principal amount of 6.000% Senior Notes due 2056 on May 18, 2026, in a private placement to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S.
The Notes are senior, unsecured obligations of the Issuer and are not guaranteed by PPL Corporation or its other subsidiaries. Interest is payable semiannually on May 15 and November 15, beginning November 15, 2026, and the Notes mature on May 15, 2056, subject to the Issuer's optional early redemption. The net proceeds were $396.3 millionb after discounts and commissions to the Initial Purchasers, before other estimated fees and expenses.
The Issuer intends to use the proceeds to repay short-term debt incurred primarily for capital expenditures and general corporate purposes. Barclays Capital Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Scotia Capital (USA) Inc. acted as representatives of the Initial Purchasers under a purchase agreement dated May 13, 2026.
The Notes were issued under a base indenture dated March 22, 2010 with The Bank of New York Mellon, as supplemented by a seventh supplemental indenture dated May 18, 2026. The indenture contains customary events of default and, apart from covenants restricting mergers, consolidations and sales of all or substantially all assets, no restrictive covenants.
02—Key points
Key Highlights
- Issued $400 million of 6.000% Senior Notes due May 15, 2056 on May 18, 2026, by The Narragansett Electric Company (d/b/a Rhode Island Energy), a wholly owned PPL Corporation subsidiary.
- Net proceeds of $396.3 million, after discounts and commissions but before other estimated fees and expenses.
- Proceeds are intended to repay short-term debt incurred primarily for capital expenditures and general corporate purposes.
- The Notes are senior unsecured obligations, pari passu with existing and future unsecured senior debt, and effectively subordinated to secured debt to the extent of the collateral value.
- The Notes are not guaranteed by PPL Corporation or its other subsidiaries.
- Interest is paid semiannually on May 15 and November 15, beginning November 15, 2026; the Issuer may redeem the Notes early at the applicable redemption price.
- The indenture has no restrictive covenants other than limits on mergers, consolidations, and sales of all or substantially all assets, plus customary events of default.
03—Questions
Frequently Asked Questions
What securities did the company issue and how much did it raise?
The Narragansett Electric Company (d/b/a Rhode Island Energy) issued $400 million aggregate principal amount of 6.000% Senior Notes due 2056, with net proceeds of $396.3 million after discounts and commissions, before other estimated fees and expenses.
Who is the obligor, and does PPL Corporation guarantee the Notes?
The obligor is The Narragansett Electric Company (d/b/a Rhode Island Energy), a wholly owned subsidiary of PPL Corporation. The Notes are not guaranteed by PPL Corporation or any of its other subsidiaries.
What will the proceeds be used for?
The Issuer intends to use the net proceeds to repay short-term debt that was incurred primarily for capital expenditures and for general corporate purposes.
When do the Notes pay interest and mature?
The Notes bear interest at 6.000% per year, payable semiannually in arrears on May 15 and November 15, beginning November 15, 2026. They mature on May 15, 2056, subject to early redemption at the Issuer's option.
What protections do noteholders have under the indenture?
The indenture provides customary events of default. Apart from covenants restricting the Issuer's ability to merge, consolidate, or sell or dispose of all or substantially all of its assets, it contains no restrictive covenants. The Notes are pari passu with the Issuer's existing and future unsecured senior debt and effectively subordinated to its secured debt to the extent of the collateral value.
04—Continue