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PPL Electric to price floating-rate first mortgage bonds due 2024
By Devika Patel
Knoxville, Tenn., June 21 – PPL Electric Utilities Corp. expects to price floating-rate first mortgage bonds due 2024, according to a 424B5 filed with the Securities and Exchange Commission.
The notes are callable at par.
Interest will be based on the compounded SOFR plus a spread.
BofA Securities Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc. and PNC Capital Markets LLC are the bookrunners.
Proceeds will be used to repay the company’s $400 million 3% first mortgage bonds due 2021 and for general corporate purposes.
The electric company is based in Allentown, Pa.
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