PPL wraps final leg of financing related to recent UK electricity distribution acquisition

Source: PPL Corporation

PPL Corporation (NYSE:PPL) has completed the permanent financing related to its acquisition of the former Central Networks electricity distribution companies in the United Kingdom. 

The acquired companies are operated by PPL's Western Power Distribution under the names WPD East Midlands and WPD West Midlands. 

WPD East Midlands and WPD West Midlands together have issued 1.4 billion pounds Sterling of corporate bonds. The issue comprised 600 million pounds of WPD East Midlands 5.25 % notes due 2023 and 800 million pounds of WPD West Midlands 5.75 % notes due 2032. 

The net proceeds from the offerings will be used to repay the remaining 1.2 billion pounds in outstanding indebtedness under the 3.6 billion pounds bridge loan facility used to fund the purchase price for Central Networks acquisition, as well as to pre-fund capital expenditure work. PPL expects the bridge loan to be fully repaid on May 18, 2011. 

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