Simpson Thacher Represents PPL Corporation in Public Equity Offering and Related Forward Sale Agreements
04.16.12
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The Firm represented PPL Corporation (“PPL”) in an SEC-registered offering of 9.9 million shares of common stock and the execution of forward sale agreements relating to an equal number of shares. Under the forward sale agreements, Morgan Stanley & Co. LLC and Merrill Lynch International, as forward counterparties, borrowed 9.9 million shares of PPL’s common stock from third parties and sold those shares to the underwriters.
PPL, headquartered in Allentown, PA, is an energy and utility holding company. PPL owns or controls nearly 19,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity and natural gas to approximately 10.5 million customers in the United States and the United Kingdom.
The Simpson Thacher team included Vince Pagano, Brian Rosenzweig and Kai Fan (Capital Markets), Joyce Xu, Alina Casner and Lisa Wang (Equity Derivatives), Jonathan Cantor and Adam Wells (Tax), and Jeanne Annarumma and Jennifer Pepin (Executive Compensation and Employee Benefits).