Davis Polk advised PPL Capital Funding, Inc. on its SEC-registered offering of $400 million aggregate principal amount of 4.2% senior notes due 2022, fully and unconditionally guaranteed by PPL Corporation (PPL). BNP Paribas Securities Corp., Goldman, Sachs & Co., J.P. Morgan Securities LLC and UBS Securities LLC acted as representatives of the several underwriters for the offering. PPL Capital Funding expects to loan the net proceeds from the sale of the notes to subsidiaries of PPL, which will use the funds 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.
