New Issue: PPL Electric Utilities sells $400 million 7.125% five-year bonds at Treasuries plus 412.5 bps

By Andrea Heisinger

New York, Oct. 15 - PPL Electric Utilities Corp. priced a combined $400 million of 7.125% five-year senior secured bonds on Tuesday and Wednesday to yield Treasuries plus 412.5 basis points, according to an FWP filing with the Securities and Exchange Commission.

The issuer (A3/A-/A-) priced $375 million of the bonds on Tuesday at 99.91 to yield 7.142% and $25 million of the bonds on Wednesday at 100.088 to yield 7.1%. The bonds have a make-whole redemption option of Treasuries plus 50 bps.

Bookrunners were Barclays Capital Inc., BNP Paribas Securities Corp., Lazard Capital Markets LLC and Scotia Capital (USA) Inc.

Co-managers were BNY Mellon Capital Markets LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.

The subsidiary of PPL Corp. is based in Allentown, Pa.

Issuer:	PPL Electric Utilities Corp.
Issue:	Senior secured bonds
Amount:	$400 million
Maturity:	Nov. 30, 2013
Bookrunners:	Barclays Capital Inc., BNP Paribas Securities Corp., Lazard Capital Markets LLC, Scotia Capital (USA) Inc.
Co-managers:	BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc.
Coupon:	7.125%
Price:	99.91 for $375 million, 100.088 for $25 million
Yield:	7.142% for $375 million, 7.1% for $25 million
Spread:	Treasuries plus 412.5 bps
Call:	Make-whole at Treasuries plus 50 bps
Trade date:	Oct. 14 for $375 million; Oct. 15 for $25 million
Settlement date:	Oct. 17
Ratings:	Moody's: A3
	Standard & Poor's: A-
	Fitch: A-

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