By Cristal Cody
Tupelo, Miss., April 1 – PPL Capital Funding Inc. priced $1 billion of 4.125% 10-year senior notes (Baa2/BBB+) on Wednesday at 99.966 to yield 4.129% and a spread of Treasuries plus 350 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were talked print with a spread in the 375 bps to 387.5 bps area.
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, CIBC World Markets Corp. and Scotia Capital (USA) Inc. were the bookrunners.
The notes will be guaranteed by PPL Corp.
Proceeds will be used to repay short-term debt and for general corporate purposes.
The energy and utility holding company is based in Allentown, Pa.
| Issuer: | PPL Capital Funding Inc.
|
| Guarantor: | PPL Corp.
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Maturity: | April 15, 2030
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, CIBC World Markets Corp. and Scotia Capital (USA) Inc.
|
| Co-managers: | BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Santander Investment Securities Inc. and TD Securities (USA) LLC
|
| Coupon: | 4.125%
|
| Price: | 99.966
|
| Yield: | 4.129%
|
| Spread: | Treasuries plus 350 bps
|
| Call features: | Make-whole call at greater of par and Treasuries plus 50 bps before Jan. 15, 2030; thereafter at par
|
| Trade date: | April 1
|
| Settlement date: | April 3
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 375 bps-387.5 bps area
|
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