Davis Polk advised PPL Capital Funding, Inc. on its registered offering of $650 million aggregate principal amount of 3.100% senior notes due 2026, fully and unconditionally guaranteed by PPL Corporation (PPL). 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 a utility holding company that was incorporated in 1994. PPL, through its regulated utility subsidiaries, delivers electricity to customers in the United Kingdom, Pennsylvania, Kentucky, Virginia and Tennessee; delivers natural gas to customers in Kentucky; and generates electricity from power plants in Kentucky.

The Davis Polk team included partner Michael Kaplan and associate Judah Bareli. The tax team included partner Rachel D. Kleinberg and associate Caitlin Piper. Counsel Betty Moy Huber provided environmental advice. Members of the Davis Polk team are based in the New York and Northern California offices.

Copy link to share post