By Andrea Heisinger
New York, July 12 - PPL Electric Utilities Corp. priced $250 million of 5.2% 30-year first mortgage bonds on Tuesday at a spread of 105 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The bonds (A3/A-/A-) were priced at 99.428 to yield 5.238%.
The securities have a make-whole call at Treasuries plus 20 bps prior to Jan. 15, 2041 and are callable after that date at par.
Active bookrunners were J.P. Morgan Securities LLC and UBS Securities LLC. Passive bookrunners were Lloyds Securities and Mitsubishi UFJ Securities International plc.
Co-managers were BBVA Securities Inc., BNY Mellon Capital Markets LLC, Santander Investment Securities Inc. and Williams Capital Group LP.
Proceeds are being used for capital expenditures, working capital and general corporate purposes.
The electric subsidiary of PPL Corp. is based in Allentown, Pa.
| Issuer: | PPL Electric Utilities
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | July 15, 2041
|
| Bookrunners: | J.P. Morgan Securities LLC, UBS Securities LLC (active), Lloyds Securities, Mitsubishi UFJ Securities International plc (passive)
|
| Co-managers: | BBVA Securities Inc., BNY Mellon Capital Markets LLC, Santander Investment Securities Inc., Williams Capital Group LP
|
| Coupon: | 5.2%
|
| Price: | 99.428
|
| Yield: | 5.238%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 20 bps before Jan. 15, 2041, after at par
|
| Trade date: | July 12
|
| Settlement date: | July 15
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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