New Issue: PPL Electric Utilities prices $250 million of three-year floaters at Libor plus 25 bps

By Cristal Cody

Tupelo, Miss., Sept. 28 – PPL Electric Utilities Corp. priced $250 million of three-year floating-rate first mortgage bonds (A1/A) on Monday at par to yield Libor plus 25 basis points, according to an FWP filing with the Securities and Exchange Commission.

BMO Capital Markets Corp., RBC Capital Markets, LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to repay short-term debt and for general corporate purposes.

The electric company is based in Allentown, Pa.

Issuer:	PPL Electric Utilities Corp.
Amount:	$250 million
Description:	Floating-rate first mortgage bonds
Maturity:	Sept. 28, 2023
Bookrunners:	BMO Capital Markets Corp., RBC Capital Markets, LLC and Wells Fargo Securities LLC
Coupon:	Libor plus 25 bps
Price:	Par
Yield:	Libor plus 25 bps
Call feature:	On or after Sept. 28, 2021 at par
Trade date:	Sept. 28
Settlement date:	Oct. 1
Ratings:	Moody’s: A1
	S&P: A
Distribution:	SEC registered

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.