PPL Electric Utilities plans redemption of five series of preferreds

By Devika Patel

Knoxville, Tenn., March 16 - PPL Electric Utilities Corp. said it will redeem approximately $54 million of five separate series of its preferred stock on April 15 in order to reduce costs and increase efficiencies.

Affected preferreds are the 4.5% preferreds (Cusip 69351U301), which will be redeemed at $110.00; the 3.35% preferreds (Cusip 69351U871), which will be redeemed at $103.50; the 4.3% preferreds (Cusip 69351U202), which will be redeemed at $102.00; the 4.6% preferreds (Cusip 69351U400), which will be redeemed at $103.00; and the 6.75% preferreds (Cusip 69351U889), which will be redeemed at $101.35.

There are approximately 500,000 of these preferreds, which are held by about 3,800 investors.

The redemption will be funded with cash on hand. Redemption prices do not include the dividends that were declared on Feb. 26, which are payable on April 1.

The redemption and paying agent for the redemptions is Wells Fargo Bank, NA.

The electric company is based in Allentown, Pa.

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