PPL will raise about $2.874 billion through a sale of shares and equity units. The U.S. utility will sell $2.024 billion in shares and $850 million in equity units to repay part of its $5.86 billion sterling bridge term loan facility, taken to fund its $ 6.6 billion acquisition of the Central Networks electricity distribution businesses in the U.K. Bank of America Merrill Lynch and Credit Suisse have been appointed as the lead book running managers for both the offerings. Barclays Capital, Morgan Stanley and Wells Fargo Securities are joint book runners for the common stock offering, while Citi, JP Morgan and UBS Investment Bank are joint book runners for the equity units offering.
Click here for the release from PR Newswire.