The Firm represented PPL Corporation (“PPL”) in an SEC-registered offering of 63,250,000 shares of common stock (including 8,250,000 shares pursuant to the exercise of the underwriters’ overallotment option) and the execution of forward sale agreements relating to an equal number of shares. Under the forward sale agreements, JPMorgan Chase Bank, National Association, London Branch and Barclays Bank PLC, as forward counterparties, borrowed 63,250,000 shares of PPL’s common stock from third parties and sold those shares to the underwriters.
PPL Corporation (NYSE: PPL), is one of the largest companies in the U.S. utility sector. PPL’s seven high-performing, award-winning utilities serve 10 million customers in the U.S. and United Kingdom.
The Simpson Thacher team included Andy Keller, Brian E. Rosenzweig and Clark Warthen (Capital Markets); Joyce Y. Xu (Equity Derivatives); Drew Purcell (Tax); and Jeannine McSweeney (Executive Compensation and Employee Benefits).