PPL Capital Funding issues $1.0B 3.000% exchangeable notes, 2030

Rhea-AI Filing Summary

PPL Corporation reported that its wholly owned subsidiary, PPL Capital Funding, Inc., has priced a private placement of $1.0 billion principal amount of 3.000% Exchangeable Senior Notes due 2030. These notes will be fully and unconditionally guaranteed by PPL Corporation, meaning the parent company stands behind the debt obligations of its financing subsidiary.

The announcement was made through a press release, which is included as an exhibit. By issuing these exchangeable senior notes, PPL is adding long-dated, fixed-rate debt to its capital structure, which can help fund general corporate needs or refinancing plans, depending on how the company chooses to use the proceeds.

Insights

Credit and capital structure analyst

PPL adds $1.0B of 3.000% exchangeable senior notes due 2030.

PPL Capital Funding, Inc., a wholly owned subsidiary of PPL Corporation, has priced a private placement of $1.0 billion principal amount of 3.000% Exchangeable Senior Notes due 2030. The notes are fully and unconditionally guaranteed by PPL Corporation, which effectively ties the credit quality of this issuance to the parent company.

Because the notes are described as senior and exchangeable, they sit high in the capital structure versus equity but may convert or exchange under specified conditions outlined outside this excerpt. The fixed 3.000% coupon through 2030 helps lock in borrowing costs, which can be important if interest rate conditions change.

The private placement format means the debt is placed with a limited group of investors rather than through a public bond offering. Future disclosures in company reports may give more detail on the intended use of proceeds, maturity profile, and any exchange features, which together shape the long‑term impact on leverage and potential equity interactions.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

Date of Report (Date of earliest event reported):  November 19, 2025

 

Commission File Number

Registrant; State of Incorporation; Address and Telephone Number

IRS Employer Identification No.

1-11459

PPL Corporation

23-2758192

(Exact name of Registrant as specified in its charter)

Pennsylvania

645 Hamilton Street

Allentown,

PA

18101

(610)

774-5151

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol:			Name of each exchange on which registered
Common Stock of PPL Corporation			PPL			New York Stock Exchange
Junior Subordinated Notes of PPL Capital Funding, Inc.
2007 Series A due 2067			PPL/67			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 8 - Other Events

Item 8.01 Other Events

On November 19, 2025, PPL Corporation issued a press release announcing the pricing of a private placement of $1.0 billion principal amount of 3.000% Exchangeable Senior Notes due 2030 (the "Notes") issued by PPL Capital Funding, Inc., its wholly-owned subsidiary, and fully and unconditionally guaranteed by PPL Corporation. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)

Exhibits

99.1 -

Press Release, dated November 19, 2025, issued by PPL Corporation announcing PPL Capital Funding, Inc.'s pricing of $1.0 billion of 3.000% Exchangeable Senior Notes.

104 -

Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).

Forward Looking Statements

Statements in this report regarding future events and their timing, including statements as to future costs or expenses, regulation, corporate strategy and performance, are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these expectations, assumptions and statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. All forward-looking statements should be considered in light of these important factors and in conjunction with PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			PPL CORPORATION
			By:			/s/ Marlene C. Beers
						Marlene C. Beers Vice President and Controller

Dated:  November 20, 2025

FAQ

What financing did PPL (PPL) announce in this 8-K?

PPL Corporation announced the pricing of a private placement of $1.0 billion principal amount of 3.000% Exchangeable Senior Notes due 2030, issued by its subsidiary PPL Capital Funding, Inc.

Who is issuing the new $1.0 billion notes for PPL (PPL)?

The notes are being issued by PPL Capital Funding, Inc., which is a wholly owned subsidiary of PPL Corporation.

Are the new PPL 3.000% Exchangeable Senior Notes guaranteed?

Yes. The 3.000% Exchangeable Senior Notes due 2030 are fully and unconditionally guaranteed by PPL Corporation.

What is the interest rate and maturity of PPL's new notes?

The new notes carry a fixed interest rate of 3.000% and are scheduled to mature in 2030.

How did PPL disclose details of the $1.0 billion note offering?

PPL disclosed the transaction through a press release dated November 19, 2025, which is filed as Exhibit 99.1 to the report.

What type of securities are being issued by PPL Capital Funding for PPL (PPL)?

PPL Capital Funding is issuing exchangeable senior notes, which are senior debt securities that may be exchangeable under terms described outside this excerpt.