Davis Polk advised PPL Capital Funding, Inc. on its registered offering of $400 million aggregate principal amount of 3.50% senior notes due 2022, fully and unconditionally guaranteed by PPL Corporation (PPL). Mitsubishi UFJ Securities (USA), Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC acted as representatives of the several underwriters for the offering. PPL Capital Funding and PPL expect the net proceeds from the sale of the notes to be invested in or loaned to subsidiaries of PPL, which will use the funds to repay short-term debt obligations, including commercial paper borrowings, and for general corporate purposes.
PPL, headquartered in Allentown, Pennsylvania, is an energy and utility holding company that was incorporated in 1994. Through its subsidiaries, PPL Corporation owns or controls nearly 19,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity and natural gas to approximately 10.5 million customers in the United States and the United Kingdom.
The Davis Polk team included partner Michael Kaplan and associates Jonathan C. Pentzien and Xuelin (Steve) Wang. The tax team included partner Samuel Dimon and associate Patrick E. Sigmon. Counsel Betty M. Huber and associate Amy E. Turner provided environmental advice. Rosemarie Melendez was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.
