PPL Capital pricing $750 million senior notes in 10-, 30-year tranches

By Aleesia Forni

Virginia Beach, March 5 - PPL Capital Funding Inc. is eyeing a $750 million two-part sale of senior notes in tranches due 2024 and 2044, according to a 424B5 filed with the Securities and Exchange Commission on Wednesday.

The notes will be guaranteed by PPL Corp.

The joint bookrunners are BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, BNP Paribas Securities Corp., Scotiabank, UBS Securities LLC and Wells Fargo Securities LLC.

The senior co-managers are BNY Mellon Capital Markets LLC and Lloyds Securities LLC.

CIBC World Markets Corp., KeyBanc Capital Markets, PNC Capital Markets LLC, Santander, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. and Williams Capital Group LP are the co-managers.

Proceeds from the sale will be loaned to PPL Corp. and/or its subsidiaries and are expected to be used for general corporate purposes.

Additionally, the selling securityholders have agreed to purchase junior subordinated notes due 2017 and 2019 of PPL Capital Funding Inc. in connection with the remarketing of the junior notes.

The junior notes will be sold in exchange for the new notes and a cash payment.

The sum of the amount received by the selling securityholders for the new notes being offered and the amount of cash the selling securityholders receive from the exchange will equal the purchase price of the junior notes in the remarketing.

The energy and utility holding company is based in Allentown, Pa.

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