PPL Corporation (NYSE: PPL) announced today the pricing of a registered underwritten offering of 55 million shares of its common stock at a price per share of $27.00 in connection with the forward sale agreements described below. J.P. Morgan, Barclays and Citigroup are acting as joint book-running managers for this offering.

In connection with the offering, PPL entered into forward sale agreements with affiliates of each of J.P. Morgan and Barclays (the "forward counterparties") under which PPL agreed to issue and sell to the forward counterparties 55 million shares of its common stock at an initial forward sale price per share equal to the price per share at which the underwriters agreed to purchase the shares in the offering, subject to certain adjustments, upon physical settlement of the forward sale agreements. The underwriters of the offering have been granted a 30-day option to purchase up to an additional 8.25 million shares of PPL's common stock upon the same terms, solely to cover any over-allotments. The offering is expected to close on May 11, 2018, subject to customary closing conditions. If the underwriters exercise their over-allotment option, PPL expects to enter into additional forward sale agreements with the forward counterparties with respect to the additional shares.

About PPL Corporation 

Headquartered in Allentown, Pa., PPL Corporation (NYSE: PPL) is one of the largest companies in the U.S. utility sector. PPL's seven high-performing, award-winning utilities serve 10 million customers in the U.S. and United Kingdom. With more than 12,000 employees, the company is dedicated to providing exceptional customer service and reliability and delivering superior value for shareowners.