We advised PPL on the transaction

Davis Polk advised PPL Corporation on its SEC-registered offering of 23,000,000 equity units, including 3,000,000 equity units from the exercise in full by the underwriters of their over-allotment option to purchase additional equity units. Each equity unit will have a stated amount of $50 and will initially be in the form of a corporate unit consisting of a purchase contract issued by PPL Corporation, a 1/40, or 2.5%, undivided beneficial ownership interest in $1,000 principal amount of PPL Capital Funding, Inc.’s 4.02% remarketable senior notes due 2034 and a 1/40, or 2.5%, undivided beneficial ownership interest in $1,000 principal amount of PPL Capital Funding, Inc.’s 4.02% remarketable senior notes due 2039. PPL Capital Funding, Inc. and PPL Corporation expect to use the net proceeds from the sale of the equity units to repay short-term debt and for general corporate purposes.

PPL, headquartered in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to more than 3.5 million customers in the United States. PPL’s high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions.

The Davis Polk corporate team included partner Michael Kaplan and associates Kanger Jin and Jean (Jean Young) Koo. The equity derivatives team included partner Mark M. Mendez, counsel M. Faisal Baloch and associates Richard Stockton Bullitt and Jessica Carter. The tax team included partner Lucy W. Farr, counsel Yixuan Long and associate Katherine S. Xiu. All members of the Davis Polk team are based in the New York office.

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