The Firm represented PPL Energy Supply, LLC (“PPL Energy Supply”), a subsidiary of PPL Corporation (“PPL”), in connection with its offering of $600 million aggregate principal amount of 6.50% Senior Notes due 2025. PPL Energy Supply intends to use the net proceeds from the sale of the notes to repay short term borrowings under its revolving credit facility. The offering was conducted in reliance on Rule 144A and Regulation S.
PPL Energy Supply is primarily engaged in the competitive power generation and marketing of electricity, generating capacity, ancillary services and related commodities primarily on a wholesale basis from its fleet of power plants located in Pennsylvania and Montana.
PPL, with 2014 revenues of more than $11 billion, is one of the largest companies in the U.S. utility sector. The PPL family of companies delivers electricity and natural gas to about 10 million customers in the United States and the United Kingdom.
The Simpson Thacher team included Andy Keller, Brian E. Rosenzweig, Sung Bum Cho, Erica Lee and Sara Campbell (Capital Markets); Andrew Purcell and George Davis (Tax); and Jeannine McSweeney and Holly Gurian (Executive Compensation and Employee Benefits).