Shares of electric and natural gas utility PPL Corp (PPL.N) down 0.5% at $35.36 and underperforming the market on Thurs after co secures capital raise
Equities rallying broadly on Thurs after strong Nvidia (NVDA.O) earnings, jobs data; S&amp;P 500 (.SPX) up 1.9%, S&amp;P 500 Utilities index (.SPLRCU) up 1.2% on the session
Allentown, Pennsylvania-based firm l
ate Weds
private offering of $1 bln 3% 5-yr exchangeable notes
Initial conversion price of $42.66 represents 20% premium to stock’s last close of $35.55
PPL shares on Weds fell 2.6% after co the offering to repay short-term debt and for general corp purposes Earlier this month, PPL reported Q3 results and said data center demand increased 40% in Pennsylvania from previous qtr
With the move on Thurs, PPL shares up ~9% YTD vs ~18% advance in utilities index
Avg rating among 17 analysts is “buy” and median PT is $40, per LSEG (Lance Tupper is a Reuters market analyst. The views expressed are his own)

Shares of PPL Corp fell 0.5% to $35.36 after the company secured a $1 billion capital raise through a private offering of 3% 5-year exchangeable notes. The initial conversion price is $42.66, a 20% premium to the last close. PPL shares had previously fallen 2.6% after the announcement. The company plans to use the funds to repay short-term debt and for general corporate purposes.

BUZZ-Utility PPL shares down again following $1 bln exchangeable notes sale