ALLENTOWN, Pa., July 16, 2021 /PRNewswire/ -- PPL Capital
Funding, Inc. ("PPL Capital Funding"), a wholly-owned subsidiary of
PPL Corporation (NYSE: PPL), today announced the expiration and
final results of the previously announced tender offers
(collectively, the "Tender Offers" and each a "Tender Offer") to
purchase for cash (1) any and all of its outstanding 4.200% Senior
Notes due 2022, 3.500% Senior Notes due 2022, 3.400% Senior Notes
due 2023 and 3.950% Senior Notes due 2024 (collectively, the "Any
and All Notes") and (2) up to the Aggregate Maximum Purchase Price
(as defined in the Offer to Purchase) of its outstanding 4.700%
Senior Notes due 2043, 5.000% Senior Notes due 2044, 4.000% Senior
Notes due 2047, 4.125% Senior Notes due 2030 and 3.100% Senior
Notes due 2026 (collectively, the "Maximum Tender Offer Notes," and
the Maximum Tender Offer Notes together with the Any and All Notes,
the "Securities").
The Tender Offers expired at 11:59
p.m., New York City time,
on July 13, 2021 (the "Expiration
Date"). The terms of the Tender Offers are described in the Offer
to Purchase, dated June 14, 2021, as
amended by the press release dated June 23,
2021, and as further amended by the press release dated
June 29, 2021 (the "Offer to
Purchase").
PPL Capital Funding accepted for purchase $1,961,603,000 aggregate principal amount of the
Securities that were validly tendered and not validly withdrawn as
of 5 p.m. New York City time on June 28, 2021 (the "Early Tender Date").
Settlement for such Securities occurred on June 30, 2021. Following the Early Tender Date,
no additional Securities were validly tendered prior to the
Expiration Date.
In accordance with the indentures governing the Any and All
Notes, PPL Capital Funding redeemed all of the remaining 4.200%
Senior Notes due 2022, 3.500% Senior Notes due 2022, 3.400% Senior
Notes due 2023 and 3.950% Senior Notes due 2024 that were not
validly tendered and accepted for purchase in the Any and All
Tender Offers on July 15, 2021. PPL
Capital Funding also redeemed at par all of its outstanding 5.900%
2013 Series B Junior Subordinated Rate Notes due 2073 (the "2073
Notes") on July 15, 2021 (the
"Redemption Date") in accordance with the indenture governing the
2073 Notes. The 2073 Notes were redeemed for a redemption price
equal to 100% of the principal amount of the 2073 Notes plus
accrued and unpaid interest to the Redemption Date. Notices of
redemption were sent by The Bank of New York Mellon Trust Company,
N.A., as trustee, to all registered holders of the Notes and 2073
Notes on June 14, 2021.
J.P. Morgan Securities LLC, Barclays Capital Inc. and Morgan
Stanley & Co. LLC are acting as the lead dealer managers for
the Tender Offers (the "Lead Dealer Managers") and BMO Capital
Markets Corp., RBC Capital Markets, LLC, and Scotia Capital
(USA) Inc. are acting as the
co-dealer managers (the "Co-Dealer Managers"). The information
agent and tender agent is D.F. King & Co., Inc. Copies of the
Offer to Purchase and related offering materials are available by
contacting D.F. King & Co., Inc. by telephone at (212) 269-5550
(for banks and brokers only) or (877) 283-0323 (for all others
toll-free), or via email at ppl@dfking.com. Questions regarding the
Tender Offers should be directed to J.P. Morgan Securities LLC at
(212) 834-3424 (toll-free) or (866) 834-4666, Barclays Capital Inc.
at (800) 438-3242 (toll-free) or (212) 528-7581 (collect), or
Morgan Stanley & Co. LLC at (800) 624-1808 or (212) 761-1057.
This press release shall not constitute an offer to sell, a
solicitation to buy or an offer to purchase or sell any securities.
The Tender Offers are being made only pursuant to the Offer to
Purchase and only in such jurisdiction as is permitted under
applicable law.
About PPL
PPL Corporation (NYSE:PPL), based in Allentown, Pennsylvania, is a leading U.S.
energy company focused on providing electricity and natural gas
safely, reliably and affordably to more than 2.5 million customers
in the U.S. PPL's high-performing, award-winning utilities are
addressing energy challenges head-on by building smarter, more
resilient and more dynamic power grids and advancing sustainable
energy solutions. For more information, visit
www.pplweb.com.
Cautionary Statement Concerning Forward-Looking
Statements
Statements contained in this news release, including without
limitation terms and phrases that include "anticipate," "believe,"
"intend," "estimate," "expect," "continue," "should," "could,"
"may," "plan," "project," "predict," "will," "potential,"
"forecast," "target," "guidance," "outlook," or other similar
terminology, are "forward-looking statements" within the meaning of
the federal securities laws. Although PPL Corporation believes that
the expectations and assumptions reflected in these forward-looking
statements are reasonable, these statements are subject to a number
of risks and uncertainties, and actual results may differ
materially from the results discussed in the statements. The
following are among the important factors that could cause actual
results to differ materially from the forward-looking
statements: strategic acquisitions, dispositions, or similar
transactions, including the sale of our U.K. utility business and
the expected acquisition of The Narragansett Electric Company, and
our ability to consummate these business transactions or realize
expected benefits from them; the COVID-19 pandemic or
other pandemic health events or other catastrophic events,
including severe weather, and their effect on financial markets,
economic conditions and our businesses; weather conditions
affecting customer energy usage and operating costs;
significant decreases in demand for electricity in the U.S.;
the effect of any business or industry restructuring; the
profitability and liquidity of PPL Corporation and its
subsidiaries; new accounting requirements or new interpretations or
applications of existing requirements; operating performance of our
facilities; the length of scheduled and unscheduled outages at our
generating plants; environmental conditions and requirements, and
the related costs of compliance; system conditions and operating
costs; development of new projects, markets and technologies;
performance of new ventures; receipt of necessary government
permits, approvals, rate relief and regulatory cost recovery;
capital market conditions, including interest rates, and decisions
regarding capital structure; the impact of state, federal or
foreign investigations applicable to PPL Corporation and its
subsidiaries; the outcome of litigation involving PPL Corporation
and its subsidiaries; stock price performance; the market prices of
debt and equity securities and the impact on pension income and
resultant cash funding requirements for defined benefit pension
plans; the securities and credit ratings of PPL Corporation and its
subsidiaries; political, regulatory or economic conditions in
states, regions or countries where PPL Corporation or its
subsidiaries conduct business, including any potential direct or
indirect effects of threatened or actual cyberattack, terrorism, or
war or other hostilities; new state, federal or foreign legislation
or regulatory developments, including new tax legislation; and the
commitments and liabilities of PPL Corporation and its
subsidiaries. Any such forward-looking statements should be
considered in light of such important factors and in conjunction
with factors and other matters discussed in PPL Corporation's Form
10-K and other reports on file with the Securities and Exchange
Commission.
Note to Editors: Visit our media website at
www.pplnewsroom.com for additional news
about PPL Corporation.
Contacts:
|
For news media: Ryan
Hill, 610-774-4033
For financial
analysts: Andy Ludwig, 610-774-3389
|
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SOURCE PPL Corporation