ALLENTOWN, Pa., Feb. 21, 2023 /PRNewswire/ -- PPL Capital Funding, Inc. ("PPL Capital Funding"), a wholly-owned subsidiary of PPL Corporation (NYSE: PPL), announced today the pricing of $900 million aggregate principal amount of its 2.875% Exchangeable Senior Notes due 2028 (the "notes") in a private placement (the "offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). PPL Capital Funding also granted the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the first date on which the notes are issued, up to an additional $100 million aggregate principal amount of notes. The sale of the notes to the initial purchasers is expected to settle on February 24, 2023, subject to customary closing conditions, and is expected to result in $882 million in net proceeds to PPL Capital Funding after deducting the initial purchasers' discount but before deducting estimated offering expenses payable by PPL Capital Funding (assuming no exercise of the initial purchasers' option to purchase additional notes).