PPL to raise $315M in stock offering
PPL Corp., the Allentown energy company, announced a public offering of 9.9 million shares on Monday. Morgan Stanley and Bank of America Merrill Lynch are the offering's joint book-running managers and will have an option to purchase up to 1.5 million more shares to cover over-allotments. The announcement was made after markets finished trading Monday, and PPL's shares closed at $27.66, up 3 cents. At PPL's current price, the offering would generate about $315 million, which spokesman George E. Biechler says will be deployed mostly to finance infrastructure improvements for its regulated utilities in Pennsylvania, Kentucky and the United Kingdom. PPL currently has 579 million shares outstanding. - Andrew Maykuth
PPL Corp., the Allentown energy company, announced a public offering of 9.9 million shares on Monday. Morgan Stanley and Bank of America Merrill Lynch are the offering's joint book-running managers and will have an option to purchase up to 1.5 million more shares to cover over-allotments. The announcement was made after markets finished trading Monday, and PPL's shares closed at $27.66, up 3 cents. At PPL's current price, the offering would generate about $315 million, which spokesman George E. Biechler says will be deployed mostly to finance infrastructure improvements for its regulated utilities in Pennsylvania, Kentucky and the United Kingdom. PPL currently has 579 million shares outstanding.
- Andrew Maykuth