New Issue: PPL Electric taps market for $350 million 4.75% 30-year bonds at 115 bps spread

By Andrea Heisinger

New York, July 8 - PPL Electric Utilities Corp. sold $350 million of 4.75% 30-year first mortgage bonds (A3/A-/) on Monday to yield Treasuries plus 115 basis points, according to an FWP filing with the Securities and Exchange Commission.

Pricing was at 99.366 to yield 4.79%. There is a make-whole call at Treasuries plus 20 bps until Jan. 15, 2043 and a par call after that date.

Bookrunners were Barclays, Credit Agricole Securities (USA) Inc., Mizuho Securities USA Inc. and Scotia Capital (USA) Inc.

Proceeds will be used for capital expenditures, to fund pension obligations and for other general corporate purposes.

PPL, a utility based in Allentown, Pa., was last in the bond market with a $250 million offering of 10-year notes on Aug. 21, 2012.

Issuer:	PPL Electric Utilities Corp.
Issue:	First mortgage bonds
Amount:	$350 million
Maturity:	July 15, 2043
Bookrunners:	Barclays, Credit Agricole Securities (USA) Inc., Mizuho Securities USA Inc., Scotia Capital (USA) Inc.
Co-managers:	Lloyds Securities, Inc., RBC Capital Markets LLC, Santander Investment Securities Inc., Williams Capital Group LP
Coupon:	4.75%
Price:	99.366
Yield:	4.79%
Spread:	Treasuries plus 115 bps
Call:	Make-whole at Treasuries plus 20 bps until Jan. 15, 2043, par call after
Trade date:	July 8
Settlement date:	July 11
Ratings:	Moody's: A3
	Standard & Poor's: A-

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