PPL Capital Funding, Inc.Announces Expiration And Final Results Of Its Takeover Offer To Purchase Certain Outstanding Debt Securities


ALLENTOWN, Pennsylvania., 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 public offerings of previously announced purchase (collectively, the “Tender Offers” and each a “Tender Offer”) to purchase for cash (1) all or part of its 4.200% Senior Bonds maturing in 2022, 3.500% Senior Bonds maturing in 2022, 3.400% Senior Bonds due 2023 and 3.950% Senior Bonds due 2024 (collectively, the “All Notes”) and (2) up to the Total Maximum Purchase Price (as defined in ” Offer to Purchase) of its 4.700% Senior Bonds in circulation maturing in 2043, 5,000% Senior Bonds maturing in 2044, 4,000% Senior Bonds maturing in 2047, 4.125% Senior Bonds maturing in 2030 and 3,100% of Senior Bonds due 2026 (collectively, the “Bonds of the Maximum Redemption ”and the Bonds of the Maximum Takeover Bid together with the Any and All Bonds, the“ Notes ”.

The takeover bids expired at 11:59 p.m., New York City It’s time July 13, 2021 (expiration date “). The terms of the tender offers are described in the tender offer, dated June 14, 2021, as modified by the press release of June 23, 2021, and as amended by the press release of June 29, 2021 (the “Offer to Purchase”).

PPL capital financing accepted on purchase $ 1,961,603,000 total principal amount of the Notes which have been validly contributed and not validly withdrawn to the 5:00 p.m. New York City It’s time June 28, 2021 (the “Early Submission Date”). The settlement of these Notes took place on June 30, 2021. After the early deposit date, no additional security has been validly deposited before the expiry date.

Pursuant to the contracts governing the Any and All Notes, PPL Capital Funding repaid all of the remaining 4.200% Senior Notes due 2022, the 3.500% Senior Notes due 2022, the 3.400% Senior Notes to maturity 2023 and the 3.950% senior notes due 2024 that were not validly tendered and accepted for purchase in the Any and All public offers on July 15, 2021. PPL Capital Funding also redeemed at par all of its 2013 5.900% Series B Junior Subordinated Rate Notes due 2073 (the “2073 Notes”) on July 15, 2021 (the “Redemption Date”) in accordance with the deed governing the 2073 Bonds. 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 at the Date of refund. Redemption notices have been sent by The Bank of New York Mellon Trust Company, NA, as trustee, to all registered holders of the Notes and the 2073 Notes on June 14, 2021.

JP Morgan Securities LLC, Barclays Capital Inc. and Morgan Stanley & Co. LLC act as prime brokers for take-over bids (the “Broker Leaders”) and BMO Capital Markets Corp., RBC Capital Markets, LLC and Scotia Capitale (United States) Inc. act as co-dealer managers (the “co-dealer managers”). The information agent and tender agent is DF King & Co., Inc. Copies of the Offer to Purchase and related Offer Documents are available by contacting DF King & Co. , Inc. by phone at (212) 269-5550 (for banks and brokers only) or (877) 283-0323 (for all others toll free), or by email at [email protected] Questions regarding take-over bids should be directed to JP Morgan Securities LLC at (212) 834-3424 (toll free) or (866) 834-4666, Barclays Capital Inc. at (800) 438-3242 (call free) or (212) 528-7581 (collect), or Morgan Stanley & Co. LLC at (800) 624-1808 or (212) 761-1057. This press release does not constitute an offer to sell, a solicitation to buy or an offer to buy or sell any securities. Tender offers are made only pursuant to the tender offer and only in the jurisdiction permitted by applicable law.

About PPL

PPL Corporation (NYSE: PPL), based in Allentown, Pennsylvania, is a leading US energy company focused on providing safe, reliable and affordable electricity and natural gas to more than 2.5 million customers in the United States. PPL’s ​​award-winning, high-performance utilities are tackling energy challenges head-on by building smarter, more resilient and more vibrant power grids and advancing sustainable energy solutions. For more information, visit www.pplweb.com.

Caution Regarding Forward-Looking Statements

Statements contained in this press release, including, without limitation, words and expressions which include “anticipate”, “believe”, “intend”, “estimate”, “expect” , “Continue”, “should”, “could”, “could”, “” plan “,” project “,” predict “,” will “,” potential “,” forecast “,” target “,” orientation “, “Outlook”, or other similar terminology, are “forward-looking statements” within the meaning of 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 forward-looking statements: strategic acquisitions, divestitures or similar transactions, including the sale of our UK utilities business and the planned acquisition of The Narragansett Electric Company, and our ability to complete or benefit from such business transactions expected; the COVID-19 pandemic or other pandemic health events or other catastrophic events, including severe weather events, and their effects on financial markets, economic conditions and our operations; weather conditions affecting customers’ energy consumption and operating costs; significant reductions in electricity demand in the United States; the effect of any corporate or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; the operational performance of our facilities; the duration of scheduled and unscheduled shutdowns of our power plants; environmental conditions and requirements and associated compliance costs; system conditions and operating costs; development of new projects, markets and technologies; creation of new businesses; receipt of necessary permits, approvals, tariff relief and regulatory cost recovery; capital market conditions, including interest rates, and capital structure decisions; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of a dispute involving PPL Corporation and its subsidiaries; stock price performance; market prices of debt and equity securities and the impact on retirement income and the resulting 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 the states, regions or countries where PPL Corporation or its subsidiaries operate, including the potential direct or indirect effects of a cyber attack, terrorism, war or ‘other actual or threatened hostilities; new state, federal or foreign legislation or regulatory changes, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Such forward-looking statements should be considered in light of these important factors and in conjunction with the factors and other matters discussed in PPL Corporation’s Form 10-K and other reports filed with the Securities and Exchange Commission.

Note to Editors: Visit our media website at www.pplnewsroom.com for more information on PPL Corporation.

Contacts: For media: Ryan Hill, 610-774-4033

For Financial Analysts: Andy Ludwig, 610-774-3389


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SOURCE PPL Corporation


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