Hunton Andrews Kurth LLP advised the underwriters on the sale of $1.15 billion stated amount of equity units of PPL Corporation (PPL). Each equity unit consists of a contract to purchase PPL common stock in the future, a 2.5% undivided beneficial ownership interest in $1,000 principal amount of Remarketable Senior Notes due 2034 (“2034 RSNs”), and a 2.5% undivided beneficial ownership interest in $1,000 principal amount of Remarketable Senior Notes due 2039 (2039 RSNs and, together with the 2034 RSNs, the RSNs) each to be issued by PPL Capital Funding, Inc. The RSNs are fully and unconditionally guaranteed by PPL.

PPL is headquartered in Allentown, Pennsylvania and is a utility holding company, incorporated in 1994. PPL delivers electricity to customers through its regulated utility subsidiaries in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky. PPL Capital Funding, Inc. is a wholly owned subsidiary of PPL whose primary business is to provide PPL with financing for its operations.

The Hunton team included Peter K. O’Brien, Brendan P. Harney, Reuben H. Pearlman, and Ryan F. Metz. Robert McNamara and William Freeman provided tax advice. Leslie Okinaka provided ERISA advice.