PPL receives consents to amend 2 5/8% convertibles

New York, Nov. 10 - PPL Corp. said that it and its PPL Energy Supply LLC subsidiary received consents to amend PPL Energy Supply's 2 5/8% convertible senior notes due 2023.

By the expiration date of 5 p.m. ET on Nov. 9, PPL received consents for 60.52% of the notes, above the 50% required.

PPL announced the tender on Oct. 26, saying it was seeking to modify the notes - which have a contingent conversion trigger - because of a new accounting rule requiring that it calculate diluted earnings per share as if the notes were fully converted, whether the trigger is hit or not.

PPL will make a consent payment of $2.50 per $1,000 principal amount.

The offer is subject to holders of at least a majority of the notes giving consent.

Morgan Stanley & Co. Inc. is the solicitation agent (800 624-1808 or collect at 212 761-1941, attention: Francesco Cipollone). JPMorgan Chase Bank is the consent agent (Frank Ivins at 800 275-2048).

Allentown, Pa.-based PPL is an electricity generator.

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