PPL rises after utility firm's $1 bln equity units sale, Wall Street upgrade
Shares of electric and gas utility PPL Corp PPL.N up 1.3% premarket at $37.73 after secures capital raise and gets analyst upgrade
Allentown, Pennsylvania-based firm late Mon announced pricing 20 mln units at $50 for $1 bln
The 3-yr mandatory convertible units have 7% annual dividend and threshold appreciation price set at about $46.58, 25% above stock's last close of $37.26
PPL shares on Mon dipped 0.5% after co launched offering to repay short-term debt and for other general corp purposes
JP Morgan, BofA, Morgan Stanley and RBC joint bookrunners
Through Mon, PPL shares up ~6% YTD compared to 9% gain in S&P 500 Utilities index .SPLRCU
Separately, Barclays upgrades PPL to 'overweight' from 'equal-weight'
Avg rating of 15 analysts is "buy"; median PT $40, per LSEG data
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