Nov 10, 2004
PPL Corporation and PPL Energy Supply, LLC Announce Successful Completion of Consent Solicitation to Amend Provisions of 2-5/8% Convertible Senior Notes Due 2023
PRNewswire-FirstCall
ALLENTOWN, Pa.
PPL Corporation (NYSE: PPL) and its indirect, wholly owned subsidiary, PPL Energy Supply, LLC, today announced the successful completion of their solicitation of consents from the holders of PPL Energy Supply's outstanding $400 million, 2-5/8% Convertible Senior Notes due 2023 (CUSIP numbers 69352JAD9 and 69352JAE7).
The purpose of the consent solicitation was to amend certain provisions of the indenture by which the convertible notes were issued to mitigate the dilutive earnings-per-share impact of accounting rule changes expected to be issued in the fourth quarter of 2004. PPL Corporation and PPL Energy Supply expect to effect the amendments to the indenture on or about Nov. 12, 2004, at which time PPL Energy Supply will pay a consent fee to the consenting holders equal to $2.50 in cash for each $1,000 in principal amount of such holders' convertible notes.
As of the expiration of the consent solicitation at 5 p.m., New York City time, on Nov. 9, 2004, holders representing 60.52 percent of the currently issued and outstanding convertible notes had submitted and not withdrawn consents. The amendments to the indenture required the consent of holders of more than 50 percent of the currently issued and outstanding convertible notes.
Morgan Stanley & Co. Incorporated was the solicitation agent, and JPMorgan Chase Bank was the consent agent for the consent solicitation.
PPL Corporation, headquartered in Allentown, Pa., controls more than 12,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to nearly 5 million customers in Pennsylvania, the United Kingdom and Latin America.
PPL Energy Supply is the holding company for PPL Corporation's competitive energy businesses. Through its subsidiaries, PPL Energy Supply generates and markets power in the United States and delivers electricity abroad. Its main operating subsidiaries are PPL Generation, LLC, PPL EnergyPlus, LLC, and PPL Global, LLC.
More information concerning PPL Corporation and PPL Energy Supply is available at http://www.pplweb.com/.
SOURCE: PPL Corporation
CONTACT: George Biechler, for news media, +1-610-774-5997, or Tim
Paukovits, for financial community, +1-610-774-4124, both of PPL Corporation,
fax: +1-610-774-5281
Web site: http://www.pplweb.com/
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