PPL Corporation Announces Final Terms for May 1 Settlement of 2011 Equity Units

  PPL Corporation Announces Final Terms for May 1 Settlement of 2011 Equity
                                    Units

PR Newswire

ALLENTOWN, Pa., April 29, 2014

ALLENTOWN, Pa., April 29, 2014 /PRNewswire/ --PPL Corporation ("PPL" or the
"Company") (NYSE:PPL) today announced the final terms for the May 1, 2014 (the
"Settlement Date") settlement of its 2011 Equity Units (CUSIP 69351T 114,
NYSE: PPL PR W). On the Settlement Date, PPL will issue an aggregate of
31,678,820 shares of its Common Stock to the holders of the Company's 2011
Equity Units in respect of the stock purchase contracts constituting a part
thereof, as provided under the Purchase Contract and Pledge Agreement (the
"PCPA"), dated as of April 15, 2011, by and among PPL, The Bank of New York
Mellon, as Purchase Contract Agent, and The Bank of New York Mellon, as
Collateral Agent, Custodial Agent and Securities Intermediary. The Equity
Units, which presently trade on the New York Stock Exchange in the form of
Corporate Units, will be suspended from trading on the New York Stock Exchange
before the opening of business on May 1, 2014, the Settlement Date.

In accordance with the PCPA, the observation period applicable to the 2011
Equity Units expired at the close of trading on the New York Stock Exchange on
Monday, April 28, 2014, and the applicable market value, as calculated
pursuant to Section 5.01 of the PCPA, is $33.0426. In addition, (a) the
minimum settlement rate has been adjusted to 1.6204 from 1.6133 shares of
Common Stock and (b) the maximum settlement rate has been adjusted to 1.9849
from 1.9763 shares of Common Stock. The threshold appreciation price has been
adjusted to $30.86 from $30.99 and the reference price has been adjusted to
$25.19 from $25.30, in each case calculated in accordance with Section
5.05(a)(vii)(1) of the PCPA to reflect the adjustment to the minimum and
maximum settlement rates set forth above. Pursuant to the PCPA, the minimum
settlement rate shall apply because the applicable market value of $33.0426
exceeds the adjusted threshold appreciation price of $30.86.

The foregoing adjustments have been made in accordance with Section 5.05(a)(v)
of the PCPA, which provides that if the Company makes distributions to all
holders of its Common Stock exclusively in cash during any quarterly period in
an amount in excess of the reference dividend of $0.35 per share of Common
Stock,the minimum settlement rate and maximum settlement rate shall each be
increased by dividing such settlement rate in effect immediately prior to the
close of business on the date fixed for determination of the stockholders of
the Company entitled to receive such distribution by a fraction, the numerator
of which shall be equal to the current market price on the date fixed for such
determination less the amount, if any by which the per share amount of the
distribution exceeds the reference dividend and the denominator of which shall
be equal to such current market price. PPL increased the per share quarterly
dividend on its Common Stock to $0.3675 in the first quarter of 2013 and to
$0.3725 in the first quarter of 2014.

For further information regarding the applicable settlement rate, holders of
the 2011 Equity Units may contact the Purchase Contract Agent, The Bank of New
York Mellon, at (800) 254-2826.

PPL Corporation, with 2013 revenues of $12 billion, is one of the largest
companies in the U.S. utility sector. The PPL family of companies delivers
electricity and natural gas to about 10 million customers in the United States
and the United Kingdom, owns more than 18,000 megawatts of generating capacity
in the United States and sells energy in key U.S. markets. More information is
available at www.pplweb.com.



SOURCE PPL Corporation

Website: http://www.pplweb.com
Contact: For news media: George C. Lewis, 610-774-5997, For financial
analysts: Joseph P. Bergstein, 610-774-5609
 
Press spacebar to pause and continue. Press esc to stop.