PPL Capital Funding, Inc. is a debt issuing vehicle. PPL Corporation engages in power generation and marketing primarily in the northeastern and western United States; and in the delivery of electricity in Pennsylvania, the United Kingdom, and Latin America. The company is based in Allentown, Pennsylvania. PPL Capital Funding, Inc. operates as a subsidiary of PPL Corporation.
Two North Ninth Street
Allentown, PA 18101-1179
PPL Capital Funding, Inc. and PPL Corporation Enters into a One Year, $150 Million, Revolving Credit Agreement with the Bank of Nova Scotia
Apr 1 14
On March 26, 2014, PPL Capital Funding, Inc., and PPL Corporation, as Guarantor announced they had entered into a one year, $150 million, Revolving Credit Agreement with The Bank of Nova Scotia as Administrative Agent, Issuing Lender and Lender. The Credit Agreement allows for borrowings at market-based rates. In addition, PPL Capital Funding may request the Issuing Lender under the Credit Agreement to issue letters of credit, which issuances will reduce available borrowing capacity. PPL Capital Funding intends to use this credit facility for general corporate purposes of PPL Corporation and its affiliates, including for working capital purposes and for making investments in or loans to affiliates. PPL Capital Funding will pay customary commitment and letter of credit issuance fees under the Credit Agreement. The Credit Agreement contains a financial covenant requiring PPL Corporation's debt to total capitalization not to exceed 70% (as calculated pursuant to the Credit Agreement), and other customary covenants. Failure to meet the covenants beyond applicable grace periods and certain other events, including the occurrence of a Change of Control (as defined in the Credit Agreement), could result in acceleration of due dates of any borrowings, require cash collateralization of outstanding letters of credit and/or cause termination of the Credit Agreement. The Credit Agreement also contains certain customary representations and warranties that must be made and certain other conditions that must be met for PPL Capital Funding to borrow or to cause the Issuing Lender to issue letters of credit. Under certain conditions, PPL Capital Funding may request that the facility's principal amount be increased by up to $30 million.