New Issue: PPL Electric sells $475 million 3.95% 30-year mortgage bonds with 98 bps spread

By Cristal Cody

Tupelo, Miss., May 8 – PPL Electric Utilities Corp. (A3/A-) sold $475 million of 3.95% 30-year first mortgage bonds on Monday at a spread of 98 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 98.99 to yield 4.008%.

Citigroup Global Markets Inc., Mizuho Securities USA Inc., RBC Capital Markets Corp. and SunTrust Robinson Humphrey Inc. were the bookrunners.

Proceeds will be used to repay short-term debt.

The electric company is based in Allentown, Pa.

Issuer:	PPL Electric Utilities Corp.
Amount:	$475 million
Description:	First mortgage bonds
Maturity:	June 1, 2047
Bookrunners:	Citigroup Global Markets Inc., Mizuho Securities USA Inc., RBC Capital Markets Corp. and SunTrust Robinson Humphrey Inc.
Co-managers:	BNP Paribas Securities Corp., CIBC World Markets Corp., UBS Securities LLC and U.S. Bancorp Investments, Inc.
Coupon:	3.95%
Price:	98.99
Yield:	4.008%
Spread:	Treasuries plus 98 bps
Call features:	Make-whole call before Dec. 1, 2046 at greater of par and Treasuries plus 15 bps; thereafter at par
Trade date:	May 8
Settlement date:	May 11
Ratings:	Moody’s: A3
	S&P: A-
Distribution:	SEC registered

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