PPL Corporation’s $1.7 Billion Common Stock Offering and Related Forward Sale Agreements

Simpson Thacher 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 is an energy and utility holding company. The Company, led by William H Spence, Robert A Symons and Gregory N Dudkin, generates electricity from power plants in the northeastern and western United States, and markets wholesale and retail energy primarily in the northeastern and western portions of the United States, and delivers electricity in Pennsylvania and the United Kingdom. In 2017 PPL has recorded $7 billion Revenues.

The Simpson Thacher team included Andy Keller (Picture), Brian E. Rosenzweig and Clark Warthen (Capital Markets); Joyce Y. Xu (Equity Derivatives); Drew Purcell (Tax); and Jeannine McSweeney (Executive Compensation and Employee Benefits).

 

Involved fees earner: Andrew Keller – Simpson Thacher & Bartlett; Brian Rosenzweig – Simpson Thacher & Bartlett; Charles Clark Warthen – Simpson Thacher & Bartlett; Joyce Xu – Simpson Thacher & Bartlett; Andrew Purcell – Simpson Thacher & Bartlett; Jeannine McSweeney – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: PPL Corporation;

 

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Author: Ambrogio Visconti