PPL Corporation (NYSE:PPL) announced it plans to sell 20,000,000 equity units in a public offering. Each equity unit will be issued in a stated amount of $50 ($1,000,000,000 aggregate stated amount) and will initially be in the form of a corporate unit consisting of a contract to purchase PPL Corporation common stock in the future and two 1/40 undivided beneficial ownership interests in PPL Capital Funding, Inc.'s remarketable senior notes, each having a principal amount of $1,000. PPL Corporation expects to grant to the underwriters an option to purchase an additional 3,000,000 corporate units (an additional $150,000,000 aggregate stated amount) solely for the purpose of covering over-allotments.

PPL Corporation intends to apply to list the corporate units on The New York Stock Exchange and expects trading to commence within 30 days of the date of initial issuance (subject to listing approval).

PPL Corporation intends to use the net proceeds from this offering to repay short-term debt and for general corporate purposes.