Filed Pursuant to Rule 433
Registration No. 333-223142-04
Free Writing Prospectus Dated June 11, 2018
Final Term Sheet
PPL ELECTRIC UTILITIES CORPORATION
$400,000,000
FIRST MORTGAGE BONDS, 4.15% SERIES DUE 2048
| Issuer: | PPL Electric Utilities Corporation | |
| Title: | 4.15% First Mortgage Bonds due 2048 | |
| Issuance Format: | SEC Registered | |
| Principal Amount: | $400,000,000 | |
| Trade Date: | June 11, 2018 | |
| Settlement Date: | June 14, 2018 (T+3) | |
| Stated Maturity Date: | June 15, 2048 | |
| Interest Payment Dates: | June 15 and December 15, commencing December 15, 2018 | |
| Annual Interest Rate: | 4.15% | |
| Price to Public: | 99.439% of the principal amount | |
| Benchmark Treasury: | 3.00% due February 15, 2048 | |
| Benchmark Treasury Yield: | 3.103% | |
| Spread to Benchmark Treasury: | +108 basis points | |
| Yield to Maturity: | 4.183% | |
| Optional Redemption: | Prior to December 15, 2047 (the “Par Call Date”), the bonds will be redeemable, in whole at any time or in part from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the bonds being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the bonds being redeemed that would be due if the Stated Maturity Date of such bonds were the Par Call Date (not including any portion of any payments of interest accrued to, but not including, the Redemption Date), discounted to the Redemption Date on a semi-annual basis at the Adjusted Treasury Rate, plus 20 basis points; plus, in either case, accrued and unpaid interest to the Redemption Date. On or after the Par Call Date, the bonds will be redeemable at a redemption price equal to 100% of the principal amount of the bonds being redeemed, plus accrued and unpaid interest to the Redemption Date. | |
| CUSIP / ISIN: | 69351U AV5/US69351UAV52 | |
| Joint Book-Running Managers: | BNP Paribas Securities Corp. Credit Suisse Securities (USA) LLC Morgan Stanley & Co. LLC Wells Fargo Securities, LLC | |
| Co-Managers: | CIBC World Markets Corp. PNC Capital Markets LLC SunTrust Robinson Humphrey, Inc. U.S. Bancorp Investments, Inc. | |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNP Paribas Securities Corp. at (800) 854-5674; Credit Suisse Securities (USA) LLC at (800) 221-1037 or e-mail: newyork.prospectus@credit-suisse.com; Morgan Stanley & Co. LLC at (866) 718-1649; and Wells Fargo Securities, LLC at (800) 645-3751.