Davis Polk advised PPL Capital Funding, Inc. on its registered offering of $1.0 billion aggregate principal amount of 4.125% senior notes due 2030, fully and unconditionally guaranteed by PPL Corporation. PPL Capital Funding and PPL Corporation expect the net proceeds from the sale of the notes to repay short-term debt obligations and for general corporate purposes.

PPL Corporation, headquartered in Allentown, Pennsylvania, is a utility holding company that was incorporated in 1994. PPL, through its regulated utility subsidiaries, delivers electricity to customers in the United Kingdom, Pennsylvania, Kentucky and Virginia; delivers natural gas to customers in Kentucky and generates electricity from power plants in Kentucky.

The Davis Polk team included partner Michael Kaplan and associates Hillary A. Coleman and Chloe Wang. The tax team included partner Lucy W. Farr and associates Aliza Slansky and Danielle Rapaccioli. Counsel David A. Zilberberg and associate Cristina Harshman provided environmental advice. Counsel Sarah E. Kim and associate J. Taylor Arabian provided 1940 Act Advice. All members of the Davis Polk team are based in the New York office.