October 21, 2014 9:44 AM ET

Electric Utilities

Company Overview of PPL Capital Funding, Inc.

Company Overview

PPL Capital Funding, Inc. provides financing for the operations of PPL Corporation and its subsidiaries. PPL Corporation engages in power generation and marketing primarily in the northeastern and western United States; and in the delivery of electricity in Pennsylvania, the United Kingdom, and Latin America. PPL Capital Funding, Inc. operates as a subsidiary of PPL Corporation.

Two North Ninth Street

Allentown, PA 18101-1179

United States

Phone:

610-774-5151

Key Executives for PPL Capital Funding, Inc.

President
Age: 69
Principal Accounting Officer
Age: 61
Compensation as of Fiscal Year 2014.

PPL Capital Funding, Inc. Key Developments

PPL Capital Funding, Inc. and PPL Corporation Enters into a One Year, $150 Million, Revolving Credit Agreement with the Bank of Nova Scotia

On March 26, 2014, PPL Capital Funding, Inc., and PPL Corporation, as Guarantor announced they had entered into a one year, $150 million, Revolving Credit Agreement with The Bank of Nova Scotia as Administrative Agent, Issuing Lender and Lender. The Credit Agreement allows for borrowings at market-based rates. In addition, PPL Capital Funding may request the Issuing Lender under the Credit Agreement to issue letters of credit, which issuances will reduce available borrowing capacity. PPL Capital Funding intends to use this credit facility for general corporate purposes of PPL Corporation and its affiliates, including for working capital purposes and for making investments in or loans to affiliates. PPL Capital Funding will pay customary commitment and letter of credit issuance fees under the Credit Agreement. The Credit Agreement contains a financial covenant requiring PPL Corporation's debt to total capitalization not to exceed 70% (as calculated pursuant to the Credit Agreement), and other customary covenants. Failure to meet the covenants beyond applicable grace periods and certain other events, including the occurrence of a Change of Control (as defined in the Credit Agreement), could result in acceleration of due dates of any borrowings, require cash collateralization of outstanding letters of credit and/or cause termination of the Credit Agreement. The Credit Agreement also contains certain customary representations and warranties that must be made and certain other conditions that must be met for PPL Capital Funding to borrow or to cause the Issuing Lender to issue letters of credit. Under certain conditions, PPL Capital Funding may request that the facility's principal amount be increased by up to $30 million.

PPL Capital Funding, Inc. and PPL Corporation Enter into Five Year, $300 Million, Revolving Credit Agreement with PNC Bank National Association and Other Lenders

On November 12, 2013, PPL Capital Funding, Inc., as Borrower, and PPL Corporation, as Guarantor, announced they had entered into a five year, $300 million, Revolving Credit Agreement with PNC Bank National Association as Administrative Agent, Manufactures and Traders Trust as Syndication Agent, and the other Lenders party thereto. The Credit Agreement allows for borrowings at market-based rates plus a spread, which is based upon PPL Capital Funding's senior unsecured long-term debt rating. In addition, PPL Capital Funding may request certain Lenders under the Credit Agreement to issue letters of credit, which issuances reduce available borrowing capacity. PPL Capital Funding intends to use this credit facility for general corporate purposes of PPL Corporation and its affiliates, including for making investments in or loans to affiliates to support infrastructure investments by PPL Corporation's operating companies. PPL Capital Funding will pay customary commitment and letter of credit issuance fees under the Credit Agreement. The Credit Agreement contains a financial covenant requiring PPL Capital Funding's debt to total capitalization to not exceed 70% (as calculated pursuant to the Credit Agreement), and other customary covenants. Failure to meet the covenants beyond applicable grace periods and certain other events, including the occurrence of a Change of Control (as defined in the Credit Agreement), could result in acceleration of due dates of any borrowings, cash collateralization of outstanding letters of credit and/or termination of the Credit Agreement. The Credit Agreement also contains certain customary representations and warranties that must be made and certain other conditions that must be met for PPL Capital Funding to borrow or to cause the Issuing Lender to issue letters of credit. Under certain conditions, PPL Capital Funding may request that the facility's principal amount be increased by up to $30 million.

PPL Capital Funding, Inc.(NYSE:PPX) added to S&P Preferred Stock Index

PPL Capital Funding, Inc.(NYSE:PPX) added to S&P Preferred Stock Index

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