Chicago, Dec. 6 – Two of PPL Corp.’s utilities are responsible for $125 million of obligations under environmental facilities revenue bonds technically issued by the county of Trimble, Ky., according to an 8-K filing with the Securities and Exchange Commission.
The county is loaning the utilities the proceeds to finance the acquisition, construction, installation and equipping of certain solid waste disposal facilities in the county.
A $65 million 4.7% bond comes with a June 1, 2054 maturity date, but the bonds are subject to mandatory purchase on June 1, 2027. If the bonds are not repurchased, interest will reset based on prevailing market conditions. The recipient of the proceeds is Louisville Gas and Electric Co.
To secure the bonds, Louisville Gas delivered to the county bond trustee its first mortgage bonds, collateral series 2023TCA.
There is a 90-day par call before the mandatory redemption date.
A similar agreement was worked out with Kentucky Utilities Co. The county issued $60 million of 4.7% bonds due Juna 1, 2054, also subject to an initial mandatory purchase on June 1, 2027.
Security consists of first mortgage bonds, collateral series 2023TCA.
Again, there is a 90-day par call option before the initial mandatory purchase date.
PPL is based in Allentown, Pa.
| Issuer: | Trimble, Ky.
|
| Amount: | $125 million
|
| Issue: | Environmental facilities revenue bonds
|
| Maturity: | June 1, 2054
|
| Call features: | 90-day par call before mandatory purchase date on June 1, 2027
|
| Settlement date: | Dec. 6
|
|
|
| Louisville
|
| Obligor: | Louisville Gas and Electric Co.
|
| Amount: | $65 million
|
| Coupon: | 4.7%
|
|
|
| Kentucky
|
| Obligor: | Kentucky Utilities Co.
|
| Amount: | $60 million
|
| Coupon: | 4.7%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
