PPL Electric amends revolver to extend maturity, lower capacity

By Rebecca Melvin

Concord, N.H., Dec. 7 – PPL Capital Funding Inc. as borrower and PPL Corp. as guarantor entered into an amended and restated revolving credit facility with Wells Fargo NA as administrative agent, issuing lender, and swingline lender, according to an 8-K filed with the Securities and Exchange Commission.

The revolver for the corporate entity dated July 28, 2014 was amended on Dec. 6 to extend the termination date to Dec. 6, 2026 from Jan. 26, 2024, to decrease the borrowing capacity to $1.25 billion from $1.45 billion and to provide for the option to add Narragansett Electric Co. as an additional borrower upon acquisition by PPL Rhode Island Holdings LLC of NECO.

In addition, PPL Electric Utilities Corp., Louisville Gas and Electric Co. and Kentucky Utilities Co. amended a combined $1.55 billion of revolving credit facilities with Wells Fargo as administrative agent to extend the termination dates of those agreements to Dec. 6, 2026 from Jan. 26, 2024.

The joint lead arrangers and joint bookrunners of the PPL Corp. amended revolving credit facility are Wells Fargo Securities LLC, JPMorgan Chase Bank BA, BofA Securities Inc., Barclays Bank plc and Mizuho Bank Ltd.

JPMorgan Chase Bank NA is syndication agent, and Bank of America NA, Barclays Bank plc and Mizuho Bank Ltd. as documentation agents.

With headquarts in Allentown, Pa., PPL provides power to more than 2.5 million customers in the United States.

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