In a lease transaction considered similar to an asset-backed deal, PPL Montana LLC, a subsidiary of Pennsylvania Power and Light Corp. (PPL Corp.), recently sold $338 million worth of pass-through trust certificates.

The deal, which closed on July 20 and was a Rule144A with future registration rights, was given a Baa3 rating by Moody's Investors Service and a BBB rating by Standard & Poor's Ratings Service and Fitch. Chase Securites was sole lead manager and Credit Suisse First Boston and UBS Warburg were senior co-managers on the offering. Toronto Dominion Securities was junior co-manager.

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