PPL Capital Funding, Inc., a wholly-owned subsidiary of PPL Corporation $(PPL)$, announced a proposed private placement of $1 billion aggregate principal amount of Exchangeable Senior Notes due 2030. The notes will be senior, unsecured obligations of PPL Capital Funding and fully and unconditionally guaranteed on a senior, unsecured basis by PPL Corporation. The notes will accrue interest payable semi-annually in arrears and mature on December 1, 2030, unless earlier exchanged, redeemed, or repurchased. PPL Capital Funding also plans to grant initial purchasers an option to purchase up to an additional $150 million aggregate principal amount of notes within a 13-day period from issuance. The notes may be exchanged for cash, shares of PPL Corporation common stock, or a combination thereof, at the company's election. Proceeds will be used to repay short-term debt and for general corporate purposes. Interest rate and pricing details were not disclosed in the announcement.