PPL Completes Equity Portion of Financing for E.ON U.S. Acquisition

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Jun 28, 2010, 01:07 ET

ALLENTOWN, Pa., June 28 /PRNewswire-FirstCall/ -- PPL Corporation (NYSE: PPL) today (6/28) announced the settlement of its concurrent offerings of common stock and equity units to complete the equity portion of the financing for the acquisition of E.ON U.S., LLC, the parent company of Louisville Gas and Electric Company and Kentucky Utilities Company.

PPL issued a total of 103.5 million shares of its common stock at a public offering price of $24.00 per share, including additional shares purchased by underwriters to cover over-allotments.

PPL also issued 23 million equity units, each with a stated amount of $50.00, for an aggregate amount of $1.15 billion, which includes additional units purchased by the underwriters to cover over-allotments.

"We're very pleased with the results of this equity offering, and with the strong interest shown by investors," said James H. Miller, chairman, president and chief executive officer of PPL. "We believe the high level of interest in this offering is one more indication of the value of this acquisition for our shareowners."

BofA Merrill Lynch and Credit Suisse were the lead book running managers for both the common stock and equity unit offerings. Citi, Morgan Stanley and Wells Fargo Securities were joint book runners for the common stock offering. Barclays Capital, J.P. Morgan and UBS Investment Bank were joint book runners for the equity unit offering.

PPL Corporation, headquartered in Allentown, Pa., owns or controls nearly 12,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to about 4 million customers in Pennsylvania and the United Kingdom.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. This offering may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained when available from:

BofA Merrill Lynch,
4 World Financial Center,
New York, NY 10080
Attn: Preliminary Prospectus Department.
or
Credit Suisse Prospectus Department,
One Madison Avenue,
New York, NY 10010