The Firm represented PPL Corporation (“PPL”) in its concurrent offerings of an aggregate of $3.3 billion consisting of 92 million shares of common stock and 19.55 million equity units, each including the full exercise of the underwriters’ over-allotment option.
The proceeds of the offerings will be used primarily to repay a portion of the £3.6 billion Bridge Term Loan Facility used to fund PPL's recently completed £4.1 billion ($6.6 billion) acquisition of the Central Networks electricity distribution business in the United Kingdom.
The Firm represented PPL in connection with the Central Networks acquisition and the Bridge Term Loan Facility. In addition, the Firm is representing PPL in the arrangement of permanent debt financing.
In the last 12 months, PPL has raised in excess of $7.5 billion of common stock and equity units. In November 2010, PPL acquired the Kentucky utility operations of E.ON AG for an aggregate price of $7.59 billion. The Firm represented PPL in connection with that acquisition and the related Bridge Term Loan Facility and offerings of common stock and equity units.
PPL, headquartered in Allentown, PA, owns or controls nearly 19,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to about 10 million customers in the United States and the United Kingdom.
The Simpson Thacher team for the 2011 PPL equity offerings included Vince Pagano, Arjun Koshal, Brian Rosenzweig and Qi Yue (Capital Markets), Marcy Geller and Sean Austin (Tax), Brian Gluck (Credit), Adeeb Fadil (Environmental), Greg Grogan and Jennifer Pepin (Executive Compensation and Employee Benefits) and paralegal Allison Nichols.