PPL Electric Utilities delivers cash to fund redemption of preferreds

By Devika Patel

Knoxville, Tenn., April 9 - PPL Electric Utilities Corp. said it delivered funds to redemption and paying agent Wells Fargo Bank, NA that will be used to redeem approximately $54 million of five separate series of its preferred stock on April 15.

The redemption, which is being conducted in order to reduce costs and increase efficiencies, was announced March 16.

The affected preferreds are the company's 4.5% preferreds (Cusip 69351U301), which will be redeemed at $110.175; 3.35% preferreds (Cusip 69351U871), which will be redeemed at $103.6303; 4.4% preferreds (Cusip 69351U202), which will be redeemed at $102.1711; 4.6% preferreds (Cusip 69351U400), which will be redeemed at $103.1789; and 6.75% preferreds (Cusip 69351U889), which will be redeemed at $101.6125.

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

The redemption will be funded with cash on hand.

The electric company is based in Allentown, Pa.

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