PPL WEM Holdings plc Announces Proposed Senior Notes Offering

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Apr 15, 2011, 04:33 ET

LONDON, April 15, 2011 /PRNewswire/ -- PPL WEM Holdings plc ("PPL WEM") today announced that sometime next week it intends to offer up to $960 million aggregate principal amount of senior notes, consisting of senior notes due 2016 and senior notes due 2021. The use of proceeds for the offering is partial repayment of the bridge loan incurred in connection with PPL Corporation's recent acquisition of Western Power Distribution (East Midlands) plc (formerly known as Central Networks East plc) and WPD Midlands Holdings Limited (formerly known as Central Networks Limited), parent of Western Power Distribution (West Midlands) plc (formerly known as Central Networks West plc).

The notes will be offered in a private placement to qualified institutional buyers pursuant to Securities and Exchange Commission ("SEC") Rule 144A and non-U.S. persons pursuant to SEC Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), subject to market and other conditions. No assurance can be given that the offering will be completed or, if completed, as to the terms on which it is completed. The notes to be offered 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 (NYSE: PPL), headquartered in Allentown, Pa., 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.

SOURCE PPL Corporation