LONDON, May 17, 2011 /PRNewswire/ -- PPL Corporation (NYSE: PPL) has completed the permanent financing related to its acquisition of the former Central Networks electricity distribution companies in the United Kingdom.
The acquired companies are operated by PPL's Western Power Distribution under the names WPD East Midlands and WPD West Midlands.
WPD East Midlands and WPD West Midlands together have issued 1.4 billion pounds Sterling of corporate bonds. The issue comprised 600 million pounds of WPD East Midlands 5.25 % notes due 2023 and 800 million pounds of WPD West Midlands 5.75 % notes due 2032.
The net proceeds from the offerings will be used to repay the remaining 1.2 billion pounds in outstanding indebtedness under the 3.6 billion pounds bridge loan facility used to fund the purchase price for Central Networks acquisition, as well as to pre-fund capital expenditure work. PPL expects the bridge loan to be fully repaid on May 18, 2011.
Arrangers for the offerings were Barclays Bank plc, Credit Suisse Securities (Europe) Limited, Merrill Lynch International and The Royal Bank of Scotland plc. The notes have not been, and will not be, registered under the Securities Act or securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
PPL Corporation, headquartered in Allentown, Pa., through its affiliated companies, owns or controls about 19,000 megawatts of regulated and competitive generating capacity in the United States, sells energy in key U.S. markets, and delivers electricity and natural gas to about 10 million customers in the United States and the United Kingdom.
Statements contained in this news release which are not historical facts 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. Any such forward-looking statements should be considered in light of such risks and uncertainties and in conjunction with PPL Corporation's Form 10-K and other of its periodic reports on file with the Securities and Exchange Commission.
SOURCE PPL Corporation