PPL Completes $1.7 Billion Common Stock Offering

May 11, 2018

PPL Corporation, an energy and utility holding company based in Allentown, Pennsylvania, completed an offering of 63.25 million shares of common stock subject to forward sale agreements, which included 8.25 million shares offered following the underwriters' election to exercise their overallotment option in full.

The offering was priced at $27.00 per share and raised total proceeds of $1.7 billion (which included $223 million raised as a result of the underwriters election to exercise their overallotment option in full). J.P. Morgan Securities LLC, Barclays Capital Inc. and Citigroup Global Markets Inc. acted as joint bookrunning managers. JPMorgan Chase Bank, National Association, London Branch and Barclays Bank PLC acted as the forward counterparties. S&C was counsel to the underwriters and forward counterparties in the offering.

The S&C team for the common stock offering was led by Robert Downes, along with Megan Colville and Traci Biedermann. Dennis Sullivan, Richard Kahn and Laura Duncan advised on the forward sale agreements and related equity derivatives matters. Jeffrey Hochberg, Eric Wang and Saul Brander advised on tax matters. Tracey Russell advised on FINRA matters, and Precious Nwankwo advised on ERISA matters.