PPL Corp. announced a new financing arrangement with 21 regional and local banks in eastern and central Pennsylvania to provide a $300 million revolving credit facility.
Over the next five years, PPL's Pennsylvania companies plan to invest more than $4 billion in improvements to the electricity infrastructure, said Paul A. Farr, PPL's executive vice president and Chief Financial Officer in a statement.
"We are very pleased to announce this innovative financing, which we believe will contribute to community development, including job creation and training, affordable housing and support for small businesses," said Farr. "By strengthening the loan portfolios of these excellent institutions, we are enhancing the ability of these banks to fund other local development projects."
National Penn Bank will serve as documentation agent. PNC Bank N.A. will serve as the administrative agent. M&T Bank will serve as the syndication agent.