PPL Completes $3.2B Equity Financing for U.K. Acquisition

PPL Corporation PPL Friday announced the settlement of its concurrent offerings of common stock and Equity Units. The net proceeds, totaling approximately $3.2 billion, will be used primarily to repay a portion of the 3.6 billion pounds Sterling Bridge Term Loan Facility used to fund PPL's recently completed 4.1 billion pounds acquisition of the Central Networks electricity distribution business in the United Kingdom. PPL issued a total of 92 million shares of its common stock at a public offering price of $25.30 per share, including 12 million additional shares purchased by the underwriters to cover over-allotments. PPL also issued a total of 19.55 million Equity Units, each with a stated amount of $50.00, for an aggregate amount of $977.5 million, including 2.55 million additional Equity Units purchased by the underwriters to cover over-allotments.