New Issue: PPL Capital Funding prices $650 million 3.1% 10-year senior notes at 135 bps spread

By Lisa Kerner

Charlotte, N.C., May 12 – PPL Capital Funding Inc. priced $650 million of 3.1% 10-year senior notes at 99.872 to yield 3.115% on Thursday, according to an FWP filed with the Securities and Exchange Commission.

Price talk was at Treasuries plus 150 basis points, according to an informed source.

The notes will be guaranteed by PPL Corp.

The joint bookrunners are Barclays, Credit Suisse Securities (USA) LLC, MUFG and Wells Fargo Securities LLC.

Proceeds from the sale will be invested in or loaned to PPL Corp. subsidiaries and will be used to repay short-term debt, including commercial paper borrowings, 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:	$650 million
Description:	Senior notes
Maturity:	May 15, 2026
Bookrunners:	Barclays, Credit Suisse Securities (USA) LLC, MUFG, Wells Fargo Securities LLC
Co-managers:	BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., UBS Securities LLC, U.S. Bancorp Investments, Inc.
Coupon:	3.1%
Price:	99.872
Yield:	3.115%
Spread:	Treasuries plus 135 bps
Call:	Make-whole call at Treasuries plus 25 bps until Feb. 15, 2026, then at par
Trade date:	May 12
Settlement date:	May 17
Distribution:	SEC registered
Price guidance:	Treasuries plus 150 bps area

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