New Issue: PPL Electric sells $650 million 4.85% 10-year first mortgage bonds at 92 bps spread

By Wendy Van Sickle

Columbus, Ohio, Jan. 2 – PPL Electric Utilities Corp. sold a $650 million offering of 4.85% 10-year first mortgage bonds (A1/A+) at 99.802 to yield 4.874%, or Treasuries plus 92 basis points, on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

BMO Capital Markets Corp., BofA Securities Inc., CIBC World Markets Corp. and Wells Fargo Securities, LLC are the bookrunners.

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

The utility holding company is based in Allentown, Pa.

Issuer:	PPL Electric Utilities Corp.
Amount:	$650 million
Issue:	First mortgage bonds
Maturity:	Feb. 15, 2034
Bookrunners:	BMO Capital Markets Corp., BofA Securities Inc., CIBC World Markets Corp. and Wells Fargo Securities, LLC
Co-managers:	TD Securities (USA) LLC, Truist Securities, Inc., WauBank Securities LLC, Bancroft Capital, LLC, CastleOak Securities, LP, Loop Capital Markets LLC, Roberts and Ryan Investments, Inc. and Samuel A. Ramirez & Co., Inc.
Trustee:	Bank of New York Mellon
Counsel to issuer:	Bracewell LLP, Davis Polk & Wardwell LLP and in-house
Counsel to underwriters:	Hunton Andrews Kurth LLP
Coupon:	4.85%
Price:	99.802
Yield:	4.874%
Spread:	Treasuries plus 92 bps
Call features:	Make-whole call at Treasuries plus 15 bps until Nov. 15, 2033, then callable at par
Trade date:	Jan. 2
Settlement date:	Jan. 5
Ratings:	Moody’s: A1
	S&P: A+
Distribution:	SEC registered
Cusip:	69351UBC6

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