Utility PPL dips after announcing $1 bln equity units offering

PPL

23/02/2026 13:11

** Shares of electric and gas utility PPL Corp  PPL.N down 1.4% premarket to $36.90 as it looks to repay debt via capital raise

    ** Allentown, Pennsylvania-based firm announces offering of 20 mln units at $50 for $1 bln

    ** The 3-yr mandatory convertible units comprise a contract to purchase PPL stock and two 1/40 undivided beneficial ownership interests in its remarketable senior notes

    ** Co intends to use net offering proceeds to repay short-term debt and for other general corp purposes

    ** JP Morgan, BofA, Morgan Stanley and RBC joint bookrunners

** PPL has ~751.4 mln shares outstanding as of Jan 30, giving firm about $28 bln market cap

** On Fri, co forecasted 2026 profit below consensus, but hiked its four-year capital spending plan by 15% to help meet surging power demand from data centers

** Through Fri close,  PPL shares up  7% YTD compared to 8% gain in S&P 500 Utilities index .SPLRCU

    ** Avg rating of 16 analysts is "buy"; median PT $41, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))