PPL enters one-year $150 million revolving facility with Scotiabank

By Marisa Wong

Madison, Wis., April 1 - PPL Capital Funding, Inc. entered into a one-year $150 million revolving credit agreement with Bank of Nova Scotia as administrative agent, lead arranger and bookrunner, according to an 8-K filing with the Securities and Exchange Commission.

PPL Capital entered into the credit agreement on March 26 with PPL Corp. as the guarantor.

Under some conditions, PPL Capital may request that the facility be increased by up to $30 million.

The credit agreement allows for borrowings at market-based rates.

PPL Capital may request letters of credit under the facility.

The credit agreement contains a financial covenant requiring PPL's debt to total capitalization not to exceed 70%, the filing noted.

The company intends to use proceeds for general corporate purposes.

The energy and utility holding company is based in Allentown, Pa.

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