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PPL Energy offers to issue new bonds in exchange for Ironwood bonds
By Susanna Moon
Chicago, Nov. 15 - PPL Energy Supply, LLC said it began a private offer to issue 2.375% senior notes due 2017 in exchange for up to all but not less than a majority of the 8.857% senior secured bonds due 2025 issued by its wholly owned subsidiary, PPL Ironwood, LLC.
The total purchase price will be $1,190 per $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Nov. 29.
The exchange price will be $1,140 per $1,000 of notes tendered after the early deadline.
The prices will be paid in new 2.375% senior notes.
The exchange offer will end at 11:59 p.m. ET on Dec. 13.
Along with the exchange, the company is seeking consents to amend the Ironwood bonds to eliminate substantially all of the restrictive covenants and provisions relating to the operation and financing of the facilities operated by Ironwood, according to a PPL Energy press release.
Holders also will receive accrued interest up to but excluding the settlement date.
The exchange offer and consent solicitation are conditioned on the company receiving tenders for a majority of the outstanding Ironwood bonds in exchange for the new notes, the issuance of a minimum principal amount of new notes and the required consents to amend the notes.
The exchange offer is being made only to qualified institutional buyers under Rule 144A or to non-U.S. investors under Regulation S.
D.F. King & Co., Inc. (800 714-3313, collect 212 269-5550 or go to http://www.dfking.com/ppl) is the information agent.
The Ironwood bonds exchanged in connection with the exchange offer will be retired and canceled.
PPL Energy is an Allentown, Pa.-based energy company that generates and markets electricity, primarily in the northeastern and northwestern power markets of the United States.
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