By Andrea Heisinger
New York, June 11 - PPL Capital Funding, Inc. sold $400 million of 4.2% 10-year senior notes on Monday to yield 265 basis points over Treasuries, a source away from the trade said.
The notes (Baa3/BBB-/BBB) were sold at 99.668 to yield 4.241%.
There is a make-whole call at 45 bps over Treasuries.
BNP Paribas Securities Corp., Goldman Sachs & Co., J.P. Morgan Securities LLC and UBS Securities LLC ran the books.
Co-managers were BNY Mellon Capital Markets LLC, KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA) Inc. and Santander Investment Securities Inc.
Proceeds are being loaned to subsidiaries of PPL Corp. to be used for general corporate purposes.
The deal is guaranteed parent company PPL Corp.
The energy and utility holding company is based in Allentown, Pa.
| Issuer: | PPL Capital Funding, Inc.
|
| Guarantor: | PPL Corp.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | June 15, 2022
|
| Bookrunners: | BNP Paribas Securities Corp., Goldman Sachs & Co., J.P. Morgan Securities LLC, UBS Securities LLC
|
| Co-managers: | BNY Mellon Capital Markets LLC, KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA) Inc., Santander Investment Securities Inc.
|
| Coupon: | 4.2%
|
| Price: | 99.668
|
| Yield: | 4.241%
|
| Spread: | Treasuries plus 265 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Trade date: | June 11
|
| Settlement date: | June 14
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
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