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PPL Corp – ‘8-K’ for 2/26/21

On:  Thursday, 3/4/21, at 4:20pm ET   ·   For:  2/26/21   ·   Accession #:  922224-21-10   ·   File #:  1-11459

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  As Of               Filer                 Filing    For·On·As Docs:Size

 3/04/21  PPL Corp                          8-K:1,2,9   2/26/21   13:27M

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     30K 
 2: EX-10.1     Material Contract                                   HTML    304K 
 9: R1          Document and Entity Information Document and        HTML     53K 
                Entity Information                                               
11: XML         IDEA XML File -- Filing Summary                      XML     12K 
 8: XML         XBRL Instance -- ppl-20210226_htm                    XML     31K 
10: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 4: EX-101.CAL  XBRL Calculations -- ppl-20210226_cal                XML      9K 
 5: EX-101.DEF  XBRL Definitions -- ppl-20210226_def                 XML     53K 
 6: EX-101.LAB  XBRL Labels -- ppl-20210226_lab                      XML    112K 
 7: EX-101.PRE  XBRL Presentations -- ppl-20210226_pre               XML     53K 
 3: EX-101.SCH  XBRL Schema -- ppl-20210226                          XSD     22K 
12: JSON        XBRL Instance as JSON Data -- MetaLinks               17±    27K 
13: ZIP         XBRL Zipped Folder -- 0000922224-21-000010-xbrl      Zip     92K 

‘8-K’   —   Current Report

This is an HTML Document rendered as filed.  [ Alternative Formats ]

 iX:   C:  C: 
 i false i 000092222400009222242021-03-042021-03-040000922224us-gaap:CommonStockMember2021-03-042021-03-040000922224ppl:A2007SeriesADue2067Member2021-03-042021-03-040000922224ppl:A2013SeriesBDue2073Member2021-03-042021-03-04

Washington, D.C. 20549
FORM  i 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 
Date of Report (Date of earliest event reported):   i February 26, 2021
Commission File
State of Incorporation;
Address and Telephone Number
IRS Employer
Identification No.
 i 1-11459 i PPL Corporation i 23-2758192
(Exact name of Registrant as specified in its charter)
 i Pennsylvania
 i Two North Ninth Street
 i Allentown, i PA i 18101-1179
 i (610)  i 774-5151
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 i Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 i Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 i Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 i Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol:
Name of each exchange on which registered
 i Common Stock of PPL Corporation
 i PPL
 i New York Stock Exchange
Junior Subordinated Notes of PPL Capital Funding, Inc.
 i 2007 Series A due 2067
 i PPL/67
 i New York Stock Exchange
 i 2013 Series B due 2073
 i PPX
 i New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  i 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 1 - Registrant's Business and Operations

Item 1.01 Entry into a Material Definitive Agreement

The information contained in Item 2.03 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.

Section 2 - Financial Information

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On February 26, 2021, Western Power Distribution PLC ("WPD"), an indirect wholly owned subsidiary of PPL Corporation, entered into a £350 million credit facility with J.P. Morgan AG as Agent and the financial institutions party thereto as Original Lenders (the "Credit Facility").

Borrowings under the Credit Facility bear interest at a percentage rate per annum which is equal to the sum of (a) the margin plus (b) the LIBOR rate. The margin is 100 basis points per annum.

The Credit Facility is voluntarily prepayable from time to time without premium or penalty, and is mandatorily prepayable upon certain events, including in the event of a Change of Control, as defined in the Credit Facility, of WPD.

In addition, under the Credit Facility WPD is subject to certain financial covenants, which require that WPD's (i) total net debt does not exceed 87.5% of its regulatory asset value, as determined from time to time by the U.K. Office of Gas and Electricity Markets, and (ii) consolidated EBITDA to interest payable is no less than 3.0 to 1.0, in each case as calculated pursuant to such agreement. WPD intends to use the Credit Facility for the repayment of existing corporate debt and for general corporate purposes.

The Credit Facility also contains customary representations, covenants and events of default. Failure to meet the covenants beyond applicable grace periods and certain other events could result in acceleration of the loans and/or termination of the Credit Facility.

The foregoing summary of the Credit Facility does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Credit Facility, which is filed as Exhibits 10.1 hereto and incorporated herein by reference.

Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits

£350,000,000 Facility Agreement, dated 26 February 2021, among Western Power Distribution plc and J.P. Morgan AG as Agent and the financial institutions party thereto as Original Lenders.
104 -Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Marlene C. Beers
Marlene C. Beers
Vice President and Controller
Dated:  March 4, 2021

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on:3/4/21None on these Dates
For Period end:2/26/21
 List all Filings 
Filing Submission 0000922224-21-000010   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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