PPL Corp S-3ASR, filed Feb 19, 2021

PPL Corp (PPL)

S-3ASR 2021-02-19

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PPL Corporation	Pennsylvania	23-2758192
PPL Capital Funding, Inc.	Delaware	23-2926644
PPL Electric Utilities Corporation	Pennsylvania	23-0959590
(Exact name of registrant as	(State or other jurisdiction of	(I.R.S. Employer
specified in its charter)	incorporation or organization)	Identification No.)


Louisville Gas and Electric Company	Kentucky	61-0264150
(Exact name of registrant as	(State or other jurisdiction of	(I.R.S. Employer
specified in its charter)	incorporation or organization)	Identification No.)


Kentucky Utilities Company	Kentucky and Virginia	61-0247570
(Exact name of registrant as	(State or other jurisdiction of	(I.R.S. Employer
specified in its charter)	incorporation or organization)	Identification No.)


PPL Corporation:	Large accelerated filer ☒	Accelerated filer ☐
	Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐
	(Do not check if a smaller reporting company)
PPL Capital Funding, Inc.:	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☒	Smaller reporting company ☐
	Emerging growth company ☐ (Do not check if a smaller reporting company)
PPL Electric Utilities Corporation:	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☒	Smaller reporting company ☐
	Emerging growth company ☐
	(Do not check if a smaller reporting company)
Louisville Gas and Electric Company:	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☒	Smaller reporting company ☐
	Emerging growth company ☐
	(Do not check if a smaller reporting company)
Kentucky Utilities Company:	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☒	Smaller reporting company ☐
	Emerging growth company ☐
	(Do not check if a smaller reporting company)


PPL Corporation:		☐
PPL Capital Funding, Inc.:		☐
PPL Electric Utilities Corporation:		☐
Louisville Gas and Electric Company:		☐
Kentucky Utilities Company:		☐

PPL Corp S-3ASR, filed Feb 19, 2021

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Catherine C. Hood Bracewell LLP 1251 Avenue of the Americas, 49^th Floor New York, New York 10020 (212) 508-6118		Michael Kaplan Davis Polk & Wardwell LLP 450 Lexington Avenue New York, New York 10017 (212) 450-4000



Title of each class of Securities to be Registered	Amount to be Registered	Proposed Maximum Offering Price per Security	Proposed Maximum Aggregate Offering Price	Amount of Registration Fee
PPL Corporation Common Stock, par value $.01 per share	(1)	(1)	(1)	(2)
PPL Corporation Preferred Stock, par value $.01 per share	(1)	(1)	(1)	(2)
PPL Corporation Stock Purchase Contracts	(1)	(1)	(1)	(2)
PPL Corporation Stock Purchase Units	(1)	(1)	(1)	(2)
PPL Corporation Depositary Shares	(1)	(1)	(1)	(2)
PPL Capital Funding, Inc. Debt Securities	(1)	(1)	(1)	(2)
PPL Corporation Guarantees of PPL Capital Funding, Inc. Debt Securities	(3)	(3)	(3)	(3)
PPL Capital Funding, Inc. Subordinated Debt Securities	(1)	(1)	(1)	(2)
PPL Corporation Subordinated Guarantees of PPL Capital Funding, Inc. Subordinated Debt Securities	(3)	(3)	(3)	(3)
PPL Electric Utilities Corporation Debt Securities	(1)	(1)	(1)	(2)
Louisville Gas and Electric Company Debt Securities	(1)	(1)	(1)	(2)
Kentucky Utilities Company Debt Securities	(1)	(1)	(1)	(2)


	Page
About this Prospectus		1
Risk Factors		2
Forward-Looking Information		2
PPL Corporation		5
PPL Capital Funding, Inc.		6
PPL Electric Utilities Corporation		6
Louisville Gas and Electric Company		6
Kentucky Utilities Company		7
Use of Proceeds		7
Where You Can Find More Information		8
Experts		9
Validity of the Securities and the PPL Guarantees		10


SEC Filings (File No. 1-11459)		Period/Date
Annual Report on Form 10-K		Year ended December 31, 2020
PPL Corporation’s 2020 Notice of Annual Meeting and Proxy Statement (portions thereof incorporated by reference into PPL Corporation’s Annual Report on Form 10-K for the year ended December 31, 2019)		Filed on April 2, 2020

Current Reports on Form 8-K		Filed on January 25, 2021


SEC Filings (File No. 1-905)		Period/Date
Annual Report on Form 10-K		Year ended December 31, 2020


SEC Filings (File No. 1-2893)		Period/Date
Annual Report on Form 10-K		Year ended December 31, 2020


SEC Filings (File No. 1-3464)		Period/Date
Annual Report on Form 10-K		Year ended December 31, 2020


Securities and Exchange Commission registration fee	$	*
Printing expenses		**
Trustee fees and expenses		**
Legal fees and expenses		**
Accounting fees and expenses		**
Blue Sky fees and expenses		**
Rating Agency fees		**
Miscellaneous		**

Total	$	**


Exhibit No.	Description	Method of Filing
1.1	Form of Underwriting Agreement with respect to Securities	A form of underwriting agreement with respect to any securities will be filed as an Exhibit to a report on Form 8-K, as contemplated by Item 601(b)(1) of Regulation S-K under the Securities Act.

3.1	*Amended and Restated Articles of Incorporation of PPL Corporation	Exhibit 3(i) to PPL Corporation Form 8-K (File No. 1-11459) dated May 26, 2016.

3.2	*Amended and Restated Articles of Incorporation of PPL Electric Utilities Corporation	Exhibit 3(a) to PPL Electric Utilities Corporation Quarterly Report on Form 10-Q (File No. 1-905) for the quarter ended September 30, 2013.

3.3.1	*Certificate of Incorporation of PPL Capital Funding, Inc.	Exhibit 3.3 to PPL Corporation and PPL Capital Funding, Inc. Registration Statement on Form S-3 (File Nos. 333-38003 and 333-38003-01) dated October 16, 1997.

3.3.2	*Amended Certificate of Incorporation of PPL Capital Funding, Inc.	Exhibit 3.5 to PPL Corporation, PPL Capital Funding, Inc. and PPL Capital Funding Trust I Registration Statement on Form S-3 (File Nos. 333-54504, 333-54504-1 and 333-54504-2) dated January 29, 2001.

3.4.1	*Amended and Restated Articles of Incorporation of Louisville Gas and Electric Company	Exhibit 3(a) to Louisville Gas and Electric Company Registration Statement filed on Form S-4 (File No. 333-173676) dated April 22, 2011.

3.4.2	*Articles of Amendment to Articles of Incorporation of Louisville Gas and Electric Company	Exhibit 3(b) to Louisville Gas and Electric Company Registration Statement filed on Form S-4 (File No. 333-173676) dated April 22, 2011.

3.5.1	*Amended and Restated Articles of Incorporation of Kentucky Utilities Company	Exhibit 3(a) to Kentucky Utilities Company Registration Statement filed on Form S-4 (File No. 333-173675) dated April 22, 2011.

3.5.2	*Articles of Amendment to Articles of Incorporation of Kentucky Utilities Company	Exhibit 3(b) to Kentucky Utilities Company Registration Statement filed on Form S-4 (File No. 333-173675) dated April 22, 2011.

3.6	*Bylaws of PPL Corporation	Exhibit 3(ii) to PPL Corporation Form 8-K (File No. 1-11459) dated March 27, 2020.


PPL Corporation (Registrant)

By:		/s/ Vincent Sorgi
Name:		Vincent Sorgi
Title:		President, Chief Executive Officer and Director


Signature						Title

/s/ Vincent Sorgi Vincent Sorgi, President, Chief Executive Officer and Director						Principal Executive Officer and Director

/s/ Joseph P. Bergstein Jr. Joseph P. Bergstein Jr., Senior Vice President and Chief Financial Officer						Principal Financial Officer

/s/ Marlene C. Beers Marlene C. Beers, Vice President and Controller						Principal Accounting Officer
ARTHUR P. BEATTIE, JOHN W. CONWAY, STEVEN G. ELLIOT, VENKATA RAJAMANNAR MADABHUSHI, CRAIG A. ROGERSON, WILLIAM H. SPENCE, NATICA von ALTHANN, KEITH H. WILLIAMSON, PHOEBE A. WOOD, ARMANDO ZAGALO DE LIMA						Directors


PPL Capital Funding, Inc. (Registrant)

By:		/s/ Joseph P. Bergstein, Jr.
Name:		Joseph P. Bergstein, Jr.
Title:		President


Signature		Title

/s/ Joseph P. Bergstein, Jr. Joseph P. Bergstein, Jr., President		Principal Executive and Financial Officer and Director

/s/ Marlene C. Beers Marlene C. Beers, Vice President and Controller		Principal Accounting Officer

/s/ Tadd J. Henninger Tadd J. Henninger, Vice President and Treasurer		Director

/s/ Andrew W. Elmore Andrew W. Elmore, Vice President-Tax		Director


PPL Electric Utilities Corporation (Registrant)

By:		/s/ Gregory N. Dudkin
Name:		Gregory N. Dudkin
Title:		President


Signature		Title

/s/ Gregory N. Dudkin Gregory N. Dudkin, President		Principal Executive Officer and Director

/s/ Stephen K. Breininger Stephen K. Breininger, Vice President-Finance and Regulatory Affairs and Controller		Principal Financial and Accounting Officer

/s/ Joanne H. Raphael Joanne H. Raphael		Director

/s/ Vincent Sorgi Vincent Sorgi		Director

/s/ Joseph P. Bergstein, Jr. Joseph P. Bergstein, Jr.		Director


Louisville Gas and Electric Company (Registrant)

By:		/s/ Paul W. Thompson
Name:		Paul W. Thompson,
Title:		President and Chief Executive Officer


Signature		Title

/s/ Paul W. Thompson Paul W. Thompson, President and Chief Executive Officer		Principal Executive Officer and Director

/s/ Kent W. Blake Kent W. Blake, Chief Financial Officer		Principal Financial and Accounting Officer and Director

/s/ Lonnie E. Bellar Lonnie E. Bellar, Chief Operating Officer		Director

/s/ Joseph P. Bergstein, Jr. Joseph P. Bergstein, Jr.		Director


Kentucky Utilities Company (Registrant)

By:		/s/ Paul W. Thompson
Name:		Paul W. Thompson,
Title:		President and Chief Executive Officer




Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017		212 450 4000 tel www.davispolk.com


/s/ Arthur P. Beattie				/s/ William H. Spence
Arthur P. Beattie				William H. Spence

/s/ John W. Conway				/s/ Natica von Althann
John W. Conway				Natica von Althann

/s/ Steven G. Elliott				/s/ Keith H. Williamson
Steven G. Elliott				Keith H. Williamson

/s/ Venkata Rajamannar Madabhushi				/s/ Phoebe A. Wood
Venkata Rajamannar Madabhushi				Phoebe A. Wood

/s/ Craig A. Rogerson				/s/ Armando Zagalo de Lima
Craig A. Rogerson				Armando Zagalo de Lima


New York		13-5160382
(Jurisdiction of incorporation if not a U.S. national bank)		(I.R.S. employer identification no.)

240 Greenwich Street, New York, N.Y. (Address of principal executive offices)		10286 (Zip code)


Delaware		23-2926644
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification no.)

Two North Ninth Street Allentown, Pennsylvania (Address of principal executive offices)		18101-1179 (Zip code)


Pennsylvania (State or other jurisdiction of incorporation or organization)		23-2758192 (I.R.S. employer identification no.)

Two North Ninth Street Allentown, Pennsylvania (Address of principal executive offices)		18101-1179 (Zip code)


Name		Address
Superintendent of the Department of Financial Services of the State of New York		One State Street, New York, N.Y. 10004-1417, and Albany, N.Y. 12223

Federal Reserve Bank of New York		33 Liberty Street, New York, N.Y. 10045

Federal Deposit Insurance Corporation		550 17^th Street, NW Washington, D.C. 20429

The Clearing House Association L.L.C.		100 Broad Street New York, N.Y. 10004


THE BANK OF NEW YORK MELLON

By:	/s/ Francine Kincaid
	Name:	Francine Kincaid
	Title:	Vice President


	Dollar amounts in thousands
ASSETS
Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin		5,412,000
Interest-bearing balances		155,123,000
Securities:
Held-to-maturity securities		47,940,000
Available-for-sale debt securities		105,304,000
Equity securities with readily determinable fair values not held for trading		64,000
Federal funds sold and securities purchased under agreements to resell:
Federal funds sold in domestic offices		0
Securities purchased under agreements to resell		12,902,000
Loans and lease financing receivables:
Loans and leases held for sale		0
Loans and leases held for investment		25,616,000
LESS: Allowance for loan and lease losses		320,000
Loans and leases held for investment, net of allowance		25,296,000
Trading assets		8,415,000
Premises and fixed assets (including capitalized leases)		3,099,000
Other real estate owned		1,000
Investments in unconsolidated subsidiaries and associated companies		1,690,000
Direct and indirect investments in real estate ventures		0
Intangible assets		7,030,000
Other assets		14,239,000

Total assets		386,515,000


LIABILITIES
Deposits:
In domestic offices			208,980,000
Noninterest-bearing			83,359,000
Interest-bearing			125,621,000
In foreign offices, Edge and Agreement subsidiaries, and IBFs			133,019,000
Noninterest-bearing			6,242,000
Interest-bearing			126,777,000
Federal funds purchased and securities sold under agreements to repurchase:
Federal funds purchased in domestic offices			0
Securities sold under agreements to repurchase			2,381,000
Trading liabilities			3,644,000
Other borrowed money:
(includes mortgage indebtedness and obligations under capitalized leases)			325,000
Not applicable
Not applicable
Subordinated notes and debentures			0
Other liabilities
			8,910,000

Total liabilities			357,259,000

EQUITY CAPITAL
Perpetual preferred stock and related surplus			0
Common stock			1,135,000
Surplus (exclude all surplus related to preferred stock)			11,571,000
Retained earnings			16,496,000
Accumulated other comprehensive income			54,000
Other equity capital components			0
Total bank equity capital			29,256,000
Noncontrolling (minority) interests in consolidated subsidiaries			0
Total equity capital			29,256,000

Total liabilities and equity capital			386,515,000


Thomas P. Gibbons
Samuel C. Scott				Directors
Joseph J. Echevarria


THE BANK OF NEW YORK MELLON

By:		/s/ Francine Kincaid
		Name: Francine Kincaid
		Title: Vice President


New York (Jurisdiction of incorporation if not a U.S. national bank)		13-5160382 (I.R.S. employer identification no.)

240 Greenwich Street, New York, N.Y. (Address of principal executive offices)		10286 (Zip code)