[8-K] PPL Corporation Reports Material Event
PPL Corporation entered into forward contracts on August 8 and August 11, 2025 to sell an aggregate of 27.4 million shares of common stock at a blended initial forward price of approximately $35.90 per share, with expected net proceeds of approximately $984 million before adjustments for daily interest-rate changes, third-party stock loan fees and expected dividends. The contracts were executed through PPL's at-the-market equity distribution program established in February 2025 and are classified as equity transactions.
The two new forwards, each about $500 million, must be settled on or before December 30, 2026 and August 11, 2027, respectively. These add to roughly $400 million of earlier forwards settling by December 30, 2025, bringing total forward contracts since February 2025 to about $1.4 billion settling through August 2027, which PPL says derisks a significant portion of a previously disclosed approximately $2.5 billion expected equity need through 2028. PPL may elect physical, net share or net cash settlement.
PPL Corporation ha stipulato contratti a termine l'8 e l'11 agosto 2025 per vendere in totale 27,4 milioni di azioni ordinarie a un prezzo iniziale medio a termine di circa $35,90 per azione, con proventi netti attesi di circa $984 milioni prima degli aggiustamenti per variazioni giornaliere dei tassi d'interesse, commissioni per il prestito azionario a terzi e dividendi attesi. I contratti sono stati eseguiti tramite il programma di distribuzione azionaria at-the-market di PPL istituito nel febbraio 2025 e sono classificati come operazioni di capitale.
I due nuovi contratti a termine, ciascuno di circa $500 milioni, devono essere regolati entro e non oltre il 30 dicembre 2026 e l'11 agosto 2027, rispettivamente. Questi si aggiungono a circa $400 milioni di contratti a termine precedenti in scadenza entro il 30 dicembre 2025, portando il totale dei contratti a termine dal febbraio 2025 a circa $1,4 miliardi con regolamenti fino ad agosto 2027, che PPL afferma riducono il rischio su una parte significativa di un fabbisogno azionario precedentemente comunicato di circa $2,5 miliardi previsto fino al 2028. PPL pu貌 scegliere tra regolamento fisico, regolamento netto in azioni o regolamento netto in contanti.
PPL Corporation celebr贸 contratos a plazo el 8 y el 11 de agosto de 2025 para vender en conjunto 27,4 millones de acciones ordinarias a un precio inicial medio a plazo de aproximadamente $35,90 por acci贸n, con unos ingresos netos previstos de aproximadamente $984 millones antes de ajustes por cambios diarios en los tipos de inter茅s, comisiones de pr茅stamo de acciones a terceros y dividendos previstos. Los contratos se ejecutaron a trav茅s del programa de distribuci贸n de capital at-the-market de PPL establecido en febrero de 2025 y se clasifican como operaciones de patrimonio.
Los dos nuevos contratos a plazo, cada uno de aproximadamente $500 millones, deben liquidarse en o antes del 30 de diciembre de 2026 y el 11 de agosto de 2027, respectivamente. Estos se suman a unos $400 millones de contratos a plazo anteriores con vencimiento el 30 de diciembre de 2025, elevando el total de contratos a plazo desde febrero de 2025 a unos $1,4 mil millones con liquidaciones hasta agosto de 2027, lo que, seg煤n PPL, reduce el riesgo de una parte significativa de un requerimiento de capital previamente comunicado de aproximadamente $2,5 mil millones esperado hasta 2028. PPL puede optar por liquidaci贸n f铆sica, neta en acciones o neta en efectivo.
PPL靷姅 2025雲� 8鞗� 8鞚缄臣 8鞗� 11鞚检棎 齑� 27.4 million欤检潣 氤错喌欤茧ゼ 韽夑窢 齑堦赴 靹犽弰臧�瓴� 鞎� $35.90鞐� 毵る弰頃橂姅 靹犽弰瓿勳暯鞚� 觳搓舶頄堨溂氅�, 鞚检澕 旮堧Μ 氤�霃�, 鞝�3鞛� 欤检嫕雽�彀� 靾橃垬耄� 氚� 鞓堨儊 氚半嫻旮堨潉 臁办爼頃橁赴 鞝勳潣 鞓堨儊 靾滌垬鞚奠潃 鞎� $984 million鞛呺媹雼�. 瓿勳暯鞚� 2025雲� 2鞗旍棎 靹る霅� PPL鞚� at-the-market 鞛愲掣 氚半秳 頂勲攴鸽灗鞚� 韱淀暣 觳搓舶霅橃棃瓿� 鞛愲掣瓯半灅搿� 攵勲霅╇媹雼�.
霊� 瓯挫潣 鞁犼窚 靹犽弰瓿勳暯鞚� 臧侁皝 鞎� $500 million 攴滊搿�, 臧侁皝 2026雲� 12鞗� 30鞚� 氚� 2027雲� 8鞗� 11鞚�旯岇 霕愲姅 鞚挫爠鞐� 瓴办牅霅橃柎鞎� 頃╇媹雼�. 鞚措姅 2025雲� 12鞗� 30鞚�旯岇 瓴办牅霅橂姅 旮办〈 靹犽弰瓿勳暯 鞎� $400 million瓿� 頃╈硱鞝� 2025雲� 2鞗� 鞚错泟 齑� 鞎� $1.4 billion鞚� 靹犽弰瓿勳暯鞚� 2027雲� 8鞗旉箤歆� 瓴办牅霅橂姅 瓴冹澊氅�, PPL鞚� 鞚措ゼ 韱淀暣 2028雲勱箤歆� 鞓堨儊霅橂姅 鞎� $2.5 billion鞚� 鞛愲掣 靾橃殧 欷� 靸侂嫻 攵�攵勳潣 毽姢韥ゼ 瓴疥皭頃滊嫟瓿� 氚濏様鞀惦媹雼�. PPL鞚� 氍茧Μ鞝� 瓴办牅, 靾滌＜鞁� 瓴办牅 霕愲姅 靾滍槃旮� 瓴办牅 欷� 頃橂倶毳� 靹犿儩頃� 靾� 鞛堨姷雼堧嫟.
PPL Corporation a conclu des contrats 脿 terme le 8 et le 11 ao没t 2025 pour vendre au total 27,4 millions d'actions ordinaires 脿 un prix initial 脿 terme moyen d'environ $35,90 par action, avec des produits nets attendus d'environ $984 millions avant ajustements pour les variations journali猫res des taux d'int茅r锚t, les frais de pr锚t d'actions 脿 des tiers et les dividendes pr茅vus. Les contrats ont 茅t茅 ex茅cut茅s dans le cadre du programme de distribution d'actions at-the-market de PPL 茅tabli en f茅vrier 2025 et sont class茅s comme des op茅rations de capitaux propres.
Les deux nouveaux contrats 脿 terme, chacun d'environ $500 millions, doivent 锚tre r茅gl茅s au plus tard le 30 d茅cembre 2026 et le 11 ao没t 2027, respectivement. Ils s'ajoutent 脿 environ $400 millions de contrats 脿 terme ant茅rieurs arrivant 脿 茅ch茅ance le 30 d茅cembre 2025, portant le total des contrats 脿 terme depuis f茅vrier 2025 脿 environ $1,4 milliard avec des r猫glements jusqu'en ao没t 2027, ce qui, selon PPL, r茅duit le risque d'une part importante d'un besoin en capitaux pr茅c茅demment communiqu茅 d'environ $2,5 milliards attendu jusqu'en 2028. PPL peut choisir un r猫glement physique, par actions nettes ou en num茅raire net.
PPL Corporation hat am 8. und 11. August 2025 Termingesch盲fte abgeschlossen, um insgesamt 27,4 Millionen Stammaktien zu einem durchschnittlichen anf盲nglichen Terminkurs von rund $35,90 je Aktie zu verkaufen. Die erwarteten Nettoerl枚se betragen vor Anpassungen f眉r t盲gliche Zins盲nderungen, Geb眉hren f眉r Aktienleihe an Dritte und erwartete Dividenden etwa $984 Millionen. Die Vertr盲ge wurden 眉ber PPLs im Februar 2025 eingerichtetes at-the-market-Aktienvertriebsprogramm ausgef眉hrt und als Eigenkapitaltransaktionen eingestuft.
Die beiden neuen Termingesch盲fte, jeweils etwa $500 Millionen, m眉ssen jeweils sp盲testens am 30. Dezember 2026 bzw. am 11. August 2027 abgewickelt werden. Diese kommen zu rund $400 Millionen fr眉heren Termingesch盲ften hinzu, die bis zum 30. Dezember 2025 f盲llig sind, und erh枚hen das Gesamtvolumen der seit Februar 2025 abgeschlossenen Termingesch盲fte auf etwa $1,4 Milliarden mit Abwicklungen bis August 2027, was nach Aussage von PPL einen wesentlichen Teil des zuvor mitgeteilten, bis 2028 erwarteten Eigenkapitalbedarfs von etwa $2,5 Milliarden entsch盲rft. PPL kann eine physische, netto鈥慉ktien- oder netto鈥態argeldabwicklung w盲hlen.
- Executed forward contracts for 27.4 million shares, providing capital certainty for a material portion of funding needs
- Expected gross proceeds of approximately $984 million before adjustments, helping address near-term equity requirements
- Total of ~$1.4 billion in forwards since February 2025 settling through August 2027, reducing funding execution risk
- Settlement flexibility: PPL can elect physical, net share or net cash settlement under the contracts
- Net proceeds are subject to reductions for daily interest-rate changes, third-party stock loan fees and expected dividends
- Forward contracts are classified as equity transactions, implying potential future dilution depending on settlement method
- Company still references an approximately $2.5 billion expected equity need through 2028, indicating remaining funding requirements
Insights
TL;DR: PPL reduced near-term equity funding risk by contracting ~27.4M shares for roughly $984M in expected proceeds.
The forward-sale transactions executed through the ATM program lock in initial economics for a large portion of PPL's disclosed equity need, providing clarity on funding timing and mix. The blended initial forward price (~$35.90) and expected proceeds (~$984M before adjustments) materially affect available capital assumptions. Key execution risks include adjustments for daily interest rates, stock loan fees and dividends that will reduce net proceeds. The flexibility to choose physical, net share or net cash settlement preserves optionality for capital structure management.
TL;DR: Structuring ~ $1.4B of forwards through an ATM meaningfully derisks PPL's path to meeting its disclosed equity requirement.
Using forward contracts within an ATM program is a common tool to manage equity issuance timing and execution risk. The staggered settlement deadlines through 2027 and the classification as equity transactions are important for modeling dilution and capitalization. While the transactions secure initial proceeds estimates, final cash received will vary with market rates and fees; the company retains settlement method choice, which supports strategic flexibility when settling these positions.
PPL Corporation ha stipulato contratti a termine l'8 e l'11 agosto 2025 per vendere in totale 27,4 milioni di azioni ordinarie a un prezzo iniziale medio a termine di circa $35,90 per azione, con proventi netti attesi di circa $984 milioni prima degli aggiustamenti per variazioni giornaliere dei tassi d'interesse, commissioni per il prestito azionario a terzi e dividendi attesi. I contratti sono stati eseguiti tramite il programma di distribuzione azionaria at-the-market di PPL istituito nel febbraio 2025 e sono classificati come operazioni di capitale.
I due nuovi contratti a termine, ciascuno di circa $500 milioni, devono essere regolati entro e non oltre il 30 dicembre 2026 e l'11 agosto 2027, rispettivamente. Questi si aggiungono a circa $400 milioni di contratti a termine precedenti in scadenza entro il 30 dicembre 2025, portando il totale dei contratti a termine dal febbraio 2025 a circa $1,4 miliardi con regolamenti fino ad agosto 2027, che PPL afferma riducono il rischio su una parte significativa di un fabbisogno azionario precedentemente comunicato di circa $2,5 miliardi previsto fino al 2028. PPL pu貌 scegliere tra regolamento fisico, regolamento netto in azioni o regolamento netto in contanti.
PPL Corporation celebr贸 contratos a plazo el 8 y el 11 de agosto de 2025 para vender en conjunto 27,4 millones de acciones ordinarias a un precio inicial medio a plazo de aproximadamente $35,90 por acci贸n, con unos ingresos netos previstos de aproximadamente $984 millones antes de ajustes por cambios diarios en los tipos de inter茅s, comisiones de pr茅stamo de acciones a terceros y dividendos previstos. Los contratos se ejecutaron a trav茅s del programa de distribuci贸n de capital at-the-market de PPL establecido en febrero de 2025 y se clasifican como operaciones de patrimonio.
Los dos nuevos contratos a plazo, cada uno de aproximadamente $500 millones, deben liquidarse en o antes del 30 de diciembre de 2026 y el 11 de agosto de 2027, respectivamente. Estos se suman a unos $400 millones de contratos a plazo anteriores con vencimiento el 30 de diciembre de 2025, elevando el total de contratos a plazo desde febrero de 2025 a unos $1,4 mil millones con liquidaciones hasta agosto de 2027, lo que, seg煤n PPL, reduce el riesgo de una parte significativa de un requerimiento de capital previamente comunicado de aproximadamente $2,5 mil millones esperado hasta 2028. PPL puede optar por liquidaci贸n f铆sica, neta en acciones o neta en efectivo.
PPL靷姅 2025雲� 8鞗� 8鞚缄臣 8鞗� 11鞚检棎 齑� 27.4 million欤检潣 氤错喌欤茧ゼ 韽夑窢 齑堦赴 靹犽弰臧�瓴� 鞎� $35.90鞐� 毵る弰頃橂姅 靹犽弰瓿勳暯鞚� 觳搓舶頄堨溂氅�, 鞚检澕 旮堧Μ 氤�霃�, 鞝�3鞛� 欤检嫕雽�彀� 靾橃垬耄� 氚� 鞓堨儊 氚半嫻旮堨潉 臁办爼頃橁赴 鞝勳潣 鞓堨儊 靾滌垬鞚奠潃 鞎� $984 million鞛呺媹雼�. 瓿勳暯鞚� 2025雲� 2鞗旍棎 靹る霅� PPL鞚� at-the-market 鞛愲掣 氚半秳 頂勲攴鸽灗鞚� 韱淀暣 觳搓舶霅橃棃瓿� 鞛愲掣瓯半灅搿� 攵勲霅╇媹雼�.
霊� 瓯挫潣 鞁犼窚 靹犽弰瓿勳暯鞚� 臧侁皝 鞎� $500 million 攴滊搿�, 臧侁皝 2026雲� 12鞗� 30鞚� 氚� 2027雲� 8鞗� 11鞚�旯岇 霕愲姅 鞚挫爠鞐� 瓴办牅霅橃柎鞎� 頃╇媹雼�. 鞚措姅 2025雲� 12鞗� 30鞚�旯岇 瓴办牅霅橂姅 旮办〈 靹犽弰瓿勳暯 鞎� $400 million瓿� 頃╈硱鞝� 2025雲� 2鞗� 鞚错泟 齑� 鞎� $1.4 billion鞚� 靹犽弰瓿勳暯鞚� 2027雲� 8鞗旉箤歆� 瓴办牅霅橂姅 瓴冹澊氅�, PPL鞚� 鞚措ゼ 韱淀暣 2028雲勱箤歆� 鞓堨儊霅橂姅 鞎� $2.5 billion鞚� 鞛愲掣 靾橃殧 欷� 靸侂嫻 攵�攵勳潣 毽姢韥ゼ 瓴疥皭頃滊嫟瓿� 氚濏様鞀惦媹雼�. PPL鞚� 氍茧Μ鞝� 瓴办牅, 靾滌＜鞁� 瓴办牅 霕愲姅 靾滍槃旮� 瓴办牅 欷� 頃橂倶毳� 靹犿儩頃� 靾� 鞛堨姷雼堧嫟.
PPL Corporation a conclu des contrats 脿 terme le 8 et le 11 ao没t 2025 pour vendre au total 27,4 millions d'actions ordinaires 脿 un prix initial 脿 terme moyen d'environ $35,90 par action, avec des produits nets attendus d'environ $984 millions avant ajustements pour les variations journali猫res des taux d'int茅r锚t, les frais de pr锚t d'actions 脿 des tiers et les dividendes pr茅vus. Les contrats ont 茅t茅 ex茅cut茅s dans le cadre du programme de distribution d'actions at-the-market de PPL 茅tabli en f茅vrier 2025 et sont class茅s comme des op茅rations de capitaux propres.
Les deux nouveaux contrats 脿 terme, chacun d'environ $500 millions, doivent 锚tre r茅gl茅s au plus tard le 30 d茅cembre 2026 et le 11 ao没t 2027, respectivement. Ils s'ajoutent 脿 environ $400 millions de contrats 脿 terme ant茅rieurs arrivant 脿 茅ch茅ance le 30 d茅cembre 2025, portant le total des contrats 脿 terme depuis f茅vrier 2025 脿 environ $1,4 milliard avec des r猫glements jusqu'en ao没t 2027, ce qui, selon PPL, r茅duit le risque d'une part importante d'un besoin en capitaux pr茅c茅demment communiqu茅 d'environ $2,5 milliards attendu jusqu'en 2028. PPL peut choisir un r猫glement physique, par actions nettes ou en num茅raire net.
PPL Corporation hat am 8. und 11. August 2025 Termingesch盲fte abgeschlossen, um insgesamt 27,4 Millionen Stammaktien zu einem durchschnittlichen anf盲nglichen Terminkurs von rund $35,90 je Aktie zu verkaufen. Die erwarteten Nettoerl枚se betragen vor Anpassungen f眉r t盲gliche Zins盲nderungen, Geb眉hren f眉r Aktienleihe an Dritte und erwartete Dividenden etwa $984 Millionen. Die Vertr盲ge wurden 眉ber PPLs im Februar 2025 eingerichtetes at-the-market-Aktienvertriebsprogramm ausgef眉hrt und als Eigenkapitaltransaktionen eingestuft.
Die beiden neuen Termingesch盲fte, jeweils etwa $500 Millionen, m眉ssen jeweils sp盲testens am 30. Dezember 2026 bzw. am 11. August 2027 abgewickelt werden. Diese kommen zu rund $400 Millionen fr眉heren Termingesch盲ften hinzu, die bis zum 30. Dezember 2025 f盲llig sind, und erh枚hen das Gesamtvolumen der seit Februar 2025 abgeschlossenen Termingesch盲fte auf etwa $1,4 Milliarden mit Abwicklungen bis August 2027, was nach Aussage von PPL einen wesentlichen Teil des zuvor mitgeteilten, bis 2028 erwarteten Eigenkapitalbedarfs von etwa $2,5 Milliarden entsch盲rft. PPL kann eine physische, netto鈥慉ktien- oder netto鈥態argeldabwicklung w盲hlen.
FAQ
What forward contracts did PPL (PPL) enter into?
How much does PPL expect to raise from the forward contracts?
When must these forward contracts be settled?
How do these transactions affect PPL's previously disclosed equity need?
How can PPL settle the forward contracts?
