PPL Electric Utilities plans first mortgage bonds due 2033, 2053

By Marisa Wong

Los Angeles, Feb. 27 – PPL Electric Utilities Corp. plans to price first mortgage bonds in two tranches due 2033 and 2053, according to a 424B5 filing with the Securities and Exchange Commission.

Each series will have a make-whole call option and then a par call option.

Barclays, PNC Capital Markets LLC, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc. are the joint bookrunners.

Bank of New York Mellon is the trustee.

Bracewell LLP and in-house counsel will be counsel to the issuer. Hunton Andrews Kurth LLP will act as counsel for the underwriters. However, all matters pertaining to the organization of PPL Electric and PPL Electric’s title to its property and the liens of the mortgage on PPL Electric’s properties will be handled only by in-house counsel. Matters involving Pennsylvania law will also be handled by the company’s in-house counsel. Bracewell will handle matters involving New York law.

Proceeds will be used for general corporate purposes, including repayment of debt.

The utility holding company is based in Allentown, Pa.

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