ALLENTOWN, Pa., May 21, 2015 /PRNewswire/ -- PPL Corporation
(NYSE: PPL) ("PPL") today announced the definitive distribution
ratio for the spinoff of its competitive power generation business,
PPL Energy Supply, LLC ("Energy Supply"), to PPL shareowners. As
previously announced, PPL's board of directors has declared a pro
rata distribution to PPL shareowners of all of the common stock of
Talen Energy Holdings, Inc. ("HoldCo"), which as of the
distribution date will be the parent company of Energy Supply.
Immediately following the distribution, each share of HoldCo common
stock will be converted into one share of Talen Energy Corporation
("Talen Energy") common stock. PPL shareowners will receive
on the distribution date, June 1,
2015, approximately 0.1249 shares of Talen Energy common
stock (NYSE: TLN) for each share of PPL common stock they owned as
of 5:00 p.m., New York City time, on May 20, 2015, the record date set by PPL's board
of directors.
PPL shareowners will not receive fractional shares of Talen
Energy common stock. Instead, fractional shares of Talen Energy
common stock will be aggregated and sold in the open market, with
the net proceeds distributed pro rata in cash payments to the PPL
shareowners who would otherwise receive a fractional share of Talen
Energy common stock.
Immediately after the spinoff on June 1,
2015 the competitive power generation business ("RJS Power")
owned by affiliates of Riverstone Holdings LLC ("Riverstone") will
be contributed to Talen Energy in exchange for shares of Talen
Energy common stock and Talen Energy will own and operate the
combined competitive power generation businesses of Energy Supply
and RJS Power, with PPL's shareowners owning 65% of Talen Energy's
outstanding common stock and Riverstone's affiliates owning the
remaining 35%.
Talen Energy common stock began trading on a "when-issued" basis
on the NYSE under the symbol "TLN WI" on May
18, 2015. On June 2, 2015,
"regular way" trading under the symbol "TLN" is expected to begin.
The CUSIP number for the TLN common stock will be 87422J 105 when
regular way trading begins.
About PPL Corporation
PPL Corporation, with 2014 revenues of $11.5 billion, is one of the largest companies in
the U.S. utility sector. The PPL family of companies delivers
electricity and natural gas to about 10 million customers in
the United States and the
United Kingdom. More information
is available at www.pplweb.com.
Statements contained in this news release, including
statements with respect to future earnings, cash flows, financing,
regulation, operating performance and corporate strategy, are
"forward-looking statements" within the meaning of the federal
securities laws. Although PPL Corporation believes that the
expectations and assumptions reflected in these forward-looking
statements are reasonable, these statements are subject to a number
of risks and uncertainties, and actual results may differ
materially from the results discussed in the statements. The
following are among the important factors that could cause actual
results to differ materially from the forward-looking statements:
failure to obtain necessary regulatory approvals or to satisfy any
of the other conditions to the proposed transaction; actions,
including divestitures, that may be required to obtain necessary
regulatory approvals; negative effects of the announcement or
consummation of the proposed transaction; the impact of state,
federal or foreign investigations applicable to PPL Corporation and
its subsidiaries; the outcome of litigation against PPL Corporation
and its subsidiaries; new state, federal or foreign legislation,
including new tax legislation; and the commitments and liabilities
of PPL Corporation and its subsidiaries. Any such forward-looking
statements should be considered in light of such important factors
and in conjunction with PPL Corporation's Form 10-K and other
reports on file with the Securities and Exchange
Commission.
Note to Editors: Visit our media website at
www.pplnewsroom.com for additional news and background about PPL
Corporation.
Contact:
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For news media:
George C. Lewis, 610-774-4687
|
|
For financial
analysts: Joseph P. Bergstein, 610-774-5609
|
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PPL
Corporation
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SOURCE PPL Corporation