UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): July 7, 2005
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Commission
File
Number |
Registrant;
State of Incorporation;
Address
and Telephone Number |
IRS
Employer
Identification
No. |
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|
|
|
1-905 |
PPL
Electric Utilities Corporation
(Exact
name of Registrant as specified in its charter)
(Pennsylvania)
Two
North Ninth Street
Allentown,
PA 18101-1179
(610)
774-5151 |
23-0959590 |
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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[ ] |
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
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[ ] |
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
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[ ] |
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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[ ] |
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Section
2 - Financial Information
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
On July 7,
2005, PPL Electric Utilities Corporation (“PPL Electric”) accepted an offer from
certain institutional buyers in the private placement market to purchase $200
million of PPL Electric’s Senior Secured Bonds (the “Bonds”). Subject to the
satisfaction of customary closing conditions, the Bonds will be issued in two
$100 million series on or about December 20, 2005. One series of the Bonds will
bear interest from the issuance date at an annual rate of 4.95% and will be
scheduled to mature in December 2015, and the other series of the Bonds will
bear interest from the issuance date at an annual rate of 5.15% and will be
scheduled to mature in December 2020. The Bonds also will be redeemable at the
option of PPL Electric at the designated
“make-whole” redemption prices. The Bonds will be issued pursuant to a Bond
Purchase Agreement and under the PPL Electric’s Indenture (the “Indenture”)
dated as of August 1, 2001, as
supplemented (including a
Supplemental Indenture thereto dated as
of December 2005), upon the delivery to the Indenture trustee of first mortgage
bonds issued under PPL Electric’s Mortgage and Deed of Trust dated as of October
1, 1945, as
supplemented (including a
Supplemental Indenture
thereto dated as
of December 2005). PPL
Electric intends to use the proceeds from the Bonds to refund existing senior
secured bonds and/or first mortgage bonds and/or for general corporate purposes.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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PPL
ELECTRIC UTILITIES CORPORATION |
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By: |
/s/
James E.
Abel
James
E. Abel
Treasurer |
Dated: July 11,
2005