PPL announced the pricing of a public offering of 20 million Equity Units at a stated amount of $50 each, totaling $1 billion in aggregate. Each Equity Unit comprises a contract to purchase PPL common stock and a 1/40 undivided beneficial interest in 4.02% remarketable senior notes due 2034 and 2039.

Total distributions on the Equity Units will be at a 7.00% annual rate, combining interest payments on the two series of senior notes and contract adjustment payments under the stock purchase agreements. The reference price for the purchase contracts is $37.2606 per share, with minimum and maximum settlement rates set at 1.0735 and 1.3419 shares respectively.

The offering is expected to close on February 26, 2026, subject to customary conditions, with an option for underwriters to purchase up to 3 million additional units to cover over-allotments. PPL expects net proceeds of approximately $981 million (or $1.128 billion if the over-allotment option is fully exercised) to repay short-term debt and for general corporate purposes, with trading anticipated to commence on the NYSE within 30 days of issuance.