New Issue: PPL Electric prices $400 million 4.15% 30-year mortgage bonds at 108 bps spread

By Cristal Cody

Tupelo, Miss., June 11 – PPL Electric Utilities Corp. priced $400 million of 4.15% 30-year first mortgage bonds at a spread of 108 basis points over Treasuries, according to an FWP filing on Monday with the Securities and Exchange Commission.

The bonds priced at 99.439 to yield 4.183%.

BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to repay short-term debt and for general corporate purposes.

The energy and utility company is based in Allentown, Pa.

Issuer:	PPL Electric Utilities Corp.
Amount:	$400 million
Description:	First mortgage bonds
Maturity:	June 15, 2048
Bookrunners:	BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC
Co-managers:	CIBC World Markets Corp., PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc.
Coupon:	4.15%
Price:	99.439
Yield:	4.183%
Spread:	Treasuries plus 108 bps
Call features:	Make-whole call at greater of par and Treasuries plus 20 bps before Dec. 15, 2047; thereafter at par
Trade date:	June 11
Settlement date:	June 14
Ratings:	Moody’s: Baa2
	S&P: A-
Distribution:	SEC registered

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.