Attached files
file | filename |
---|---|
8-K - FORM 8K - PPL ELECTRIC UTILITIES CORP | form8k.htm |
Exhibit
99.1
PPL Electric Utilities to
redeem five series of preferred stock in full
ALLENTOWN, Pa. (March 16,
2010) ― PPL Electric Utilities Corporation, a subsidiary of PPL Corporation
(NYSE: PPL), on Tuesday (3/16) began mailing notices of redemption to
owners of record of all the outstanding shares of five separate series of PPL
Electric’s preferred stock.
The
redemptions, which PPL Electric is undertaking to reduce costs and increase
efficiencies, will be effective April 15, 2010. At that time, PPL Corporation
will have acquired all of the remaining voting stock of PPL Electric that it
does not already own, which amounts to less than 1 percent of PPL Electric’s
voting stock. On and after that date, the redeemed shares will no longer be
outstanding and will represent only the right to receive the applicable
redemption price.
The total
amount being paid by PPL Electric to effect the redemptions is approximately $54
million, which will be funded from cash on hand from operations. There are
approximately 500,000 combined shares of the five series of preferred stock held
by approximately 3,800 registered shareowners. Redemption prices do not include
the dividends that were declared on Feb. 26, 2010, to holders of record on March
10, 2010, and that are payable April 1, 2010. Those dividends will be paid
separately.
The
redemption and paying agent for the redemptions is Wells Fargo Bank,
N.A. Certificates representing shares of the series of preferred
stock being redeemed may be submitted to Wells Fargo at the following
addresses:
By
mail or hand delivery:
Wells
Fargo Bank, N. A.,
Attn:
Corporate Actions
161 N.
Concord Exchange
South St.
Paul, MN 55075
Hand
delivery:
Wells
Fargo Bank, N. A.
Attn:
Shareowner Services
40 W.
57th Street - 16th floor
New York,
NY 10019
Payment
of the redemption price will be made on or after April 15, 2010, upon receipt by
Wells Fargo of all required documentation. No dividends will accrue after April
1, 2010, nor will any interest accrue on amounts held by Wells Fargo to pay the
redemption price.
Because
the redemptions are redemptions in full, PPL Electric will cause each of the
series of redeemed shares to be delisted from trading and not listed on any
other exchange. The company also intends to file with the Securities and
Exchange Commission a notification of voluntary withdrawal of listing and
registration with respect to each of the redeemed series.
The
series to be redeemed, the applicable redemption price per share payable for
each series, the exchange on which the series is traded and the applicable CUSIP
number are set forth below:
Series
|
Redemption
Price
|
Exchange
|
CUSIP
No.
|
4
½% preferred stock
|
$110.00
|
NYSE
|
69351U301
|
3.35%
series preferred
|
$103.50
|
OTC
|
69351U871
|
4.40%
series preferred
|
$102.00
|
NYSE
|
69351U202
|
4.60%
series preferred
|
$103.00
|
OTC
|
69351U400
|
6.75%
series preferred
|
$101.35
|
OTC
|
69351U889
|
This news
release is being posted on PPL’s corporate Web site at www.pplweb.com for at least
30 days.
PPL
Electric Utilities Corporation, a subsidiary of PPL Corporation that provides
electricity delivery services to about 1.4 million customers in Pennsylvania,
has consistently ranked among the best companies for customer service in the
United States. More information is available at www.pplelectric.com.
# # #
Note
to Editors: Visit PPL’s media Web site at www.pplnewsroom.com for additional
news and background about the corporation and its
subsidiaries.