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): December 20,
2005
|
Commission
File
Number |
Registrant;
State of Incorporation;
Address
and Telephone Number |
IRS
Employer
Identification
No. |
| |
|
|
|
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 |
| |
|
|
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:
|
[ ] |
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
|
[ ] |
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
|
[ ] |
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
|
[ ] |
|
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
As
previously reported, on July 7, 2005, PPL Electric Utilities Corporation (“PPL
Electric”) accepted offers from certain institutional buyers in the private
placement market to purchase $200 million of PPL Electric’s Senior Secured Bonds
(the “Bonds”) in two $100 million series. As contemplated by the parties at the
time of PPL Electric’s acceptance of the offers, this transaction closed on
December 20, 2005 (the “Issuance Date”). One series of the Bonds bears interest
from the Issuance Date at an annual rate of 4.95% and is scheduled to mature in
December 2015, and the other series of the Bonds bears interest from the
Issuance Date at an annual rate of 5.15% and is scheduled to mature in December
2020. The Bonds are redeemable at the option of PPL Electric at designated
“make-whole” redemption prices. The Bonds were issued pursuant to a Bond
Purchase Agreement and under PPL Electric’s Indenture (the “Indenture”) dated as
of August 1, 2001, as supplemented (including a Supplemental Indenture thereto
dated as of December 1, 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 1, 2005) (the "1945 Mortgage"). PPL Electric
intends to use the proceeds from the Bonds to refund existing first mortgage
bonds.
Section
9 - Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits
| |
(d) |
|
Exhibits |
|
| |
|
|
|
|
| |
|
|
4(a)
- |
Supplement,
dated as of December 1, 2005, to the Indenture |
| |
|
|
4(b)
- |
Supplement,
dated as of December 1, 2005, to the 1945
Mortgage |
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.
| |
PPL
ELECTRIC UTILITIES CORPORATION |
| |
|
|
| |
By: |
/s/
James E. Abel
James
E. Abel
Treasurer |
Dated: December
22, 2005