PPL (PPL) said Monday that it is planning a public offering of 20 million units at $50 each, for a total of $1 billion.
The company said each unit will consist of a contract to purchase a PPL common share and two 1/40 ownership interests in PPL Capital Funding's remarketable senior notes, each with a $1,000 principal amount.
PPL said it expects to grant the underwriters a an option to purchase 3 million additional units and plans to use the proceeds to repay short-term debt and for general corporate purposes.
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