PPL Corporation 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.

Tags:
PPL   PPL EnergyPlus   Talen Energy   Riverstone  

Comment on this story


ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com
Sr-Market-Risk-Analyst -- Wholesale Supplier/Trader -- New York - New York City Metro
Energy-Regulatory-Specialist -- Other -- Other
More Stories on RetailEnergyX.com:
Retail Supplier Submits Proposed Supplier Consolidated Bill For PUC Review
Utility Affiliate Selected For National Solar Installations By Shopping Center Developer
Parent Of Retail Supplier Completes Sale Of Pipeline
Apple, eBay, Samsung, Sprint Announce Joint Purchase Of Power From Texas Wind Farm
Report: PPL, Avangrid In Merger Talks