$500M PPL Electric (PPL) 5.75% First Mortgage Bonds due 2056

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

PPL Electric Utilities Corporation, a subsidiary of PPL Corporation, issued $500,000,000 of First Mortgage Bonds, 5.75% Series due May 15, 2056. The bonds were sold under an underwriting agreement with a syndicate led by MUFG Securities Americas, PNC Capital Markets, U.S. Bancorp Investments, and Wells Fargo Securities.

The bonds were issued under PPL Electric's 2001 Indenture, as supplemented, and are secured by a lien on substantially all of its distribution properties and certain transmission properties, subject to stated exceptions. PPL Electric plans to use the net proceeds to repay short-term debt and for general corporate purposes.

8-K Event Classification

3 items: 2.03, 8.01, 9.01

3 items

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Bond principal: $500,000,000 Coupon rate: 5.75% Maturity date: May 15, 2056 +2 more

5 metrics

Bond principal $500,000,000 First Mortgage Bonds, 5.75% Series due 2056

Coupon rate 5.75% Interest rate on First Mortgage Bonds

Maturity date May 15, 2056 Due date of First Mortgage Bonds

Indenture date August 1, 2001 Original Indenture governing bonds

Supplemental Indenture date May 1, 2026 Supplemental Indenture No. 28

Key Terms

First Mortgage Bonds, Underwriting Agreement, Indenture, Supplemental Indenture, +1 more

5 terms

First Mortgage Bonds financial

"offering and sale by PPL Electric of $500,000,000 of First Mortgage Bonds, 5.75% Series due 2056"

First mortgage bonds are debt securities backed by a company’s property, granting bondholders the primary legal claim to that real estate if the issuer cannot pay. Think of them as being first in line for repayment, like a homeowner’s mortgage lender who gets paid before other creditors. For investors, this priority and the tangible collateral typically make these bonds less risky than unsecured debt, which can mean lower yields but greater protection in bankruptcy.

Underwriting Agreement financial

"entered into an underwriting agreement (the "Underwriting Agreement") with MUFG Securities Americas Inc."

An underwriting agreement is a contract where a company selling new stocks or bonds hires financial firms to buy those securities and resell them to investors. It matters because the agreement sets the offering price, number of securities, fees and which party bears the risk if sales fall short—think of it as a promise that the sale will happen and a roadmap investors can use to understand how the new securities reach the market.

Indenture regulatory

"under PPL Electric's Indenture (the "2001 Indenture"), dated as of August 1, 2001"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

Supplemental Indenture regulatory

"as amended and supplemented by Supplemental Indenture No. 28 thereto"

A supplemental indenture is a written amendment to the original bond agreement that changes specific terms of a debt contract, such as payment schedules, interest rates, collateral or covenant protections. Investors care because it alters the legal rights and risks tied to a security — like renegotiating a mortgage where the lender and borrower agree to new rules — and can affect a bond’s credit quality, yield and market value.

Registration Statement on Form S-3 regulatory

"offered and sold under PPL Electric's Registration Statement on Form S-3 on file with the Securities and Exchange Commission"

A registration statement on Form S‑3 is a short, standardized filing a qualified public company uses to register new securities with regulators so they can be sold to investors; think of it as a pre-approved, reusable permission slip that speeds up future offerings. It matters to investors because it lets the company raise money more quickly and cheaply — which can fund growth or pay debt — but may also lead to share dilution or change in ownership, so it affects value and liquidity.

Understanding 8-K Material Events →

05/15/2026 - 04:17 PM

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): May 12, 2026


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

1-905	PPL Electric Utilities Corporation				23-0959590
	(Exact name of Registrant as specified in its charter)
	Pennsylvania
	827 Hausman Road
	Allentown,		PA	18104-9392
	(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

Corporate Units of PPL Corporation	PPLC	New York Stock Exchange


Indicate by a 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).
☐			PPL Corporation
☐			PPL Electric Utilities Corporation
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.
☐			PPL Corporation
☐			PPL Electric Utilities Corporation

Section 2 – Financial Information

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

and

Section 8 – Other Events

Item 8.01 Other Events

On May 12, 2026, PPL Electric Utilities Corporation ("PPL Electric") entered into an underwriting agreement (the "Underwriting Agreement") with MUFG Securities Americas Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC, as representatives of the underwriters (the "Underwriters"), relating to the offering and sale by PPL Electric of $500,000,000 of First Mortgage Bonds, 5.75% Series due 2056 (the "Bonds").

The Bonds were issued on May 15, 2026, under PPL Electric's Indenture (the "2001 Indenture"), dated as of August 1, 2001, to The Bank of New York Mellon, as trustee, as previously amended and supplemented and as amended and supplemented by Supplemental Indenture No. 28 thereto (the "Supplemental Indenture"), dated as of May 1, 2026 (collectively, the "Indenture"). The Bonds will be secured by the lien of the Indenture, which creates a lien on substantially all of PPL Electric's distribution properties and certain of its transmission properties, subject to certain exceptions and exclusions, as described therein.

The Bonds are due May 15, 2056, subject to early redemption. PPL Electric will use the net proceeds from the sale of the Bonds to repay short-term debt and for general corporate purposes.

The Bonds were offered and sold under PPL Electric's Registration Statement on Form S-3 on file with the Securities and Exchange Commission (Registration No. 333-277140-03).

A copy of the Underwriting Agreement is attached as Exhibit 1(a) to this report and incorporated herein by reference. The Supplemental Indenture and Officer's Certificate are filed with this report as Exhibits 4(a) and 4(b), respectively.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)

Exhibits

1(a) -

Underwriting Agreement, dated May 12, 2026.

4(a) -

Supplemental Indenture No. 28, dated as of May 1, 2026, of PPL Electric Utilities Corporation to The Bank of New York Mellon, as Trustee.

4(b) -

Officer's Certificate, dated May 15, 2026, pursuant to Section 201 and Section 301 of the Indenture.

5(a) -

Opinion of W. Eric Marr, Assistant General Counsel of PPL Services Corporation.

5(b) -

Opinion of Troutman Pepper Locke LLP.

23(a) -

Consent of W. Eric Marr, Assistant General Counsel of PPL Services Corporation (included as part of Exhibit 5(a)).

23(b) -

Consent of Troutman Pepper Locke LLP (included as part of Exhibit 5(b)).

104 -

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each 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

			PPL ELECTRIC UTILITIES CORPORATION

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

Dated: May 15, 2026

Source: View Original Filing on SEC EDGAR

FAQ

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

PPL Electric Utilities Corporation issued $500,000,000 of First Mortgage Bonds, 5.75% Series due 2056. The bonds were sold under an underwriting agreement to a group of underwriters led by MUFG Securities Americas and other major banks.

What are the key terms of PPL Electric’s new $500 million bonds?

The new First Mortgage Bonds have a principal amount of $500,000,000, a 5.75% interest rate, and mature on May 15, 2056. They are issued under PPL Electric’s 2001 Indenture, as amended and supplemented by Supplemental Indenture No. 28.

How will PPL Electric Utilities (PPL) use the bond proceeds?

PPL Electric plans to use the net proceeds from the $500,000,000 bond issuance to repay short-term debt and for general corporate purposes. This refinancing can shift obligations from short-term borrowings into longer-term secured debt.

How are PPL Electric’s new 5.75% bonds secured?

The bonds are secured by the lien of an existing Indenture covering substantially all of PPL Electric’s distribution properties and certain transmission properties. This security is subject to specified exceptions and exclusions described in the Indenture documents.

Under what registration statement were PPL Electric’s bonds offered?

The $500,000,000 First Mortgage Bonds were offered and sold under PPL Electric’s Registration Statement on Form S-3 filed with the SEC, identified as Registration No. 333-277140-03. This shelf registration enables the company to issue securities under predefined terms.

Filing Exhibits & Attachments

9 documents