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) August 10, 1999
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PP&L Resources, Inc.
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(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-11459 23-2758192
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
No.)
PP&L, Inc.
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(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-905 23-0959590
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
No.)
TWO NORTH NINTH STREET, ALLENTOWN, PA 18101-1179
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(Address of principal executive offices) (Zip Code)
Registrants' telephone number, including area code 610-774-5151
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
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The following text is from a recent company news release relating
to the expiration of cash tender offers by PP&L, Inc. for any and all
of approximately $1.66 billion of 11 different series of its first
mortgage bonds.
PP&L, INC. ANNOUNCES EXPIRATION OF TENDER OFFERS
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PP&L, Inc. said today (8/11) that its cash tender offers
relating to any and all of about $1.66 billion of first mortgage bonds
expired at 5 p.m. EDT on Tuesday, Aug. 10, 1999.
PP&L, Inc. is the major subsidiary of PP&L Resources, Inc.
(NYSE:PPL).
All securities validly tendered prior to the expiration of
the offers will be accepted for payment pursuant to the terms of the
offers. Based on the preliminary count, the aggregate price for all
of the securities tendered, plus accrued and unpaid interest, is about
$1.55 billion.
"We are very pleased with the success of these tenders which
were targeted at lowering the overall effective interest costs of
PP&L, Inc.," said John R. Biggar, PP&L Resources' senior vice
president and chief financial officer. "Combined with the recently
completed issuance of $2.42 billion of transition bonds by PP&L
Transition Bond Company LLC and PP&L Resources, Inc.'s repurchase of
14 million shares of common stock, we believe that PP&L Resources is
now positioned to show continued strong growth in financial
performance."
The following table sets forth for each series of first
mortgage bonds included in the tender offer its CUSIP number, title
and maturity and the preliminary count of the principal amount
tendered, as well as figures based on the preliminary count for the
principal amount of each series expected to be outstanding following
purchase of the tendered securities:
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CUSIP Series Aggregate of Aggregate Aggregate
Number of First Principal Principal Principal
Mortgage Amount Amount of Amount
Bonds Outstanding Debt Tendered Outstanding
(Preliminary) Following
Purchase
(Preliminary)
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709051 BJ 4 9-3/8% $99,750,000 $94,582,000 $5,168,000
due 2021
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709051 BH 8 9-1/4% $215,000,000 $187,421,000 $27,579,000
due 2019
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709051 BM 7 8-1/2% $150,000,000 $120,489,000 $29,511,000
due 2022
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709051 BQ 8 7-7/8% $200,000,000 $143,787,000 $56,213,000
due 2023
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709051 BL 9 7-3/4% $150,000,000 $121,612,000 $28,388,000
due 2002
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709051 CC 8 7.70% $200,000,000 $199,675,000 $325,000
due 2009
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709051 CD 6 7-3/8% $100,000,000 $89,710,000 $10,290,000
due 2014
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709051 CA 2 7.30% $150,000,000 $144,195,000 $5,805,000
due 2024
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709051 BN 5 6-7/8% $100,000,000 $81,232,000 $18,768,000
due 2003
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709051 CB 0 6-7/8% $150,000,000 $125,233,000 $24,767,000
due 2004
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709051 BY 1 6-3/4% $150,000,000 $130,503,000 $19,497,000
due 2023
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Morgan Stanley Dean Witter (800-624-1808) and Banc One
Capital Markets, Inc. (877-810-9199) are acting as joint dealer
managers for the tender offers.
PP&L, Inc., a subsidiary of PP&L Resources, Inc., generates
electricity; provides electric delivery services to 1.3 million
customers in eastern and central Pennsylvania; and trades or markets
wholesale energy in the United States and Canada.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrants have duly caused this report to be signed on
their behalf by the undersigned thereunto duly authorized.
PP&L RESOURCES, INC.
PP&L, INC.
By: /s/ James E. Abel
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Vice President - Finance
and Treasurer
Date: August 11, 1999
