PPL subsidiaries amend revolving facilities to extend term, cut rates

By Jennifer Chiou

New York, Oct. 25 - PPL Energy Supply, LLC, PPL Electric Utilities Corp., Louisville Gas and Electric Co. and Kentucky Utilities Co. collectively amended their respective revolving credit facilities with Wells Fargo, BA as administrative agent, issuing lender and swingline lender on Oct. 19 to extend the initial termination date by about two years to Oct. 19, 2016, according to an 8-K filing with the Securities and Exchange Commission.

The amendments also reduced certain interest rates and fees, depending on ratings from Standard & Poor's and Moody's Investors Service (see table).

PPL Corp. and its electric subsidiaries are based in Allentown, Pa.

Pricing grid

Ratings Commitment fees Libor loans and letter-of-credit fees

A from S&P/A2 from Moody's 0.1% 1%

A- from S&P/A3 from Moody's 0.125% 1.125%

BBB+ from S&P/Baa1 from Moody's 0.175% 1.25%

BBB from S&P/Baa2 from Moody's 0.2% 1.5%

BBB- from S&P/Baa3 from Moody's 0.25% 1.625%

≤BB+ from S&P/Ba1 from Moody's 0.35% 1.875%

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