Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (5 lettori)
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iguanito
Forumer storico
ovviamente arrivato lo storno.
sengus_vd
Nuovo forumer
bia06
Listen other's viewpoint avoid conflicts & wars.
Talen Energy Corporation Announces CEO Transition Plan; FERC and NRC Regulatory Approvals
Alejandro ("Alex") Hernandez Announces Departure Upon Closing of Restructuring Transactions
Mark "Mac" McFarland to Join Talen as Incoming CEO
HOUSTON, April 5, 2023 /PRNewswire/ -- Today, Talen Energy Corporation ("Talen" or "the Company") reported that CEO Alejandro "Alex" Hernandez announced his departure effective as of the date that Talen closes the strategic transactions contemplated by its chapter 11 plan of reorganization (the "Plan") and completes its restructuring. The Plan includes the infusion of new equity capital pursuant to a common equity rights offering of up to $1.55 billion (the "Equity Rights Offering"). The Equity Rights Offering is backstopped by various leading financial institutions that hold approximately $1.1 billion of Talen Energy Supply's ("TES") existing unsecured notes and will, in the aggregate, hold the substantial majority of the equity of Talen upon consummation of the Plan. The Plan and Equity Rights Offering investment achieves an approximately $3 billion reduction in TES' debt, provides for full repayment of TES' first lien funded debt, and the consensual equitization of all of TES' existing unsecured notes.
Mr. Hernandez will be succeeded as CEO by Mark "Mac" McFarland on the closing of the transactions under the Plan, which is expected to occur in the second quarter of 2023 and is conditioned on the Company's receipt of remaining regulatory approvals, successful completion of the Equity Rights Offering, backstop funding and debt financing transactions, and the satisfaction of closing conditions under the Plan.
Mr. Hernandez has served as CEO since 2021, President and Director of the Company since 2019, and previously as CFO from 2016 through 2021. Following an orderly transition, Mr. McFarland will be responsible for overseeing all aspects of the Company's long-term strategy and overall performance, including leadership of the Company's wholesale power generation business.
"I thank Alex for his leadership in guiding Talen successfully through the recapitalization and restructuring process. We welcome Mac McFarland to Talen and look forward to a successful and orderly transition," commented incoming Talen Board Chairman Stephen Schaefer.
"I am proud of what our team has accomplished together since Talen's take-private in 2016," said Hernandez. "We transformed the legacy public company into a high-performing, value-driven organization with some of the best performing assets in the power industry. We have addressed the balance sheet through this recapitalization. We formed the Cumulus growth business, which is driving the convergence between digital infrastructure assets and carbon free energy. I am grateful for the opportunity to have served as Talen and Cumulus CEO and remain committed to ensuring a smooth transition for the benefit of the Company, our new CEO, Board of Directors, and new owners."
Carol Flaton and Gary Wojtaszek, independent directors of Talen's current Board of Directors, commented, "We thank Alex for his leadership since 2016 and for guiding the Company through the operating turnaround, transformation, and strategic equity recapitalization and restructuring process. The Company has been transformed in recent years and is well positioned for the future. We and Alex remain focused on maximizing value for all stakeholders through an orderly transition period while ensuring a successful close of the restructuring pursuant to the Plan."
Alejandro ("Alex") Hernandez Announces Departure Upon Closing of Restructuring Transactions
Mark "Mac" McFarland to Join Talen as Incoming CEO
HOUSTON, April 5, 2023 /PRNewswire/ -- Today, Talen Energy Corporation ("Talen" or "the Company") reported that CEO Alejandro "Alex" Hernandez announced his departure effective as of the date that Talen closes the strategic transactions contemplated by its chapter 11 plan of reorganization (the "Plan") and completes its restructuring. The Plan includes the infusion of new equity capital pursuant to a common equity rights offering of up to $1.55 billion (the "Equity Rights Offering"). The Equity Rights Offering is backstopped by various leading financial institutions that hold approximately $1.1 billion of Talen Energy Supply's ("TES") existing unsecured notes and will, in the aggregate, hold the substantial majority of the equity of Talen upon consummation of the Plan. The Plan and Equity Rights Offering investment achieves an approximately $3 billion reduction in TES' debt, provides for full repayment of TES' first lien funded debt, and the consensual equitization of all of TES' existing unsecured notes.
Mr. Hernandez will be succeeded as CEO by Mark "Mac" McFarland on the closing of the transactions under the Plan, which is expected to occur in the second quarter of 2023 and is conditioned on the Company's receipt of remaining regulatory approvals, successful completion of the Equity Rights Offering, backstop funding and debt financing transactions, and the satisfaction of closing conditions under the Plan.
Mr. Hernandez has served as CEO since 2021, President and Director of the Company since 2019, and previously as CFO from 2016 through 2021. Following an orderly transition, Mr. McFarland will be responsible for overseeing all aspects of the Company's long-term strategy and overall performance, including leadership of the Company's wholesale power generation business.
"I thank Alex for his leadership in guiding Talen successfully through the recapitalization and restructuring process. We welcome Mac McFarland to Talen and look forward to a successful and orderly transition," commented incoming Talen Board Chairman Stephen Schaefer.
"I am proud of what our team has accomplished together since Talen's take-private in 2016," said Hernandez. "We transformed the legacy public company into a high-performing, value-driven organization with some of the best performing assets in the power industry. We have addressed the balance sheet through this recapitalization. We formed the Cumulus growth business, which is driving the convergence between digital infrastructure assets and carbon free energy. I am grateful for the opportunity to have served as Talen and Cumulus CEO and remain committed to ensuring a smooth transition for the benefit of the Company, our new CEO, Board of Directors, and new owners."
Carol Flaton and Gary Wojtaszek, independent directors of Talen's current Board of Directors, commented, "We thank Alex for his leadership since 2016 and for guiding the Company through the operating turnaround, transformation, and strategic equity recapitalization and restructuring process. The Company has been transformed in recent years and is well positioned for the future. We and Alex remain focused on maximizing value for all stakeholders through an orderly transition period while ensuring a successful close of the restructuring pursuant to the Plan."
iguanito
Forumer storico
Cioè, se ho ben capito, c'è un gruppo ( FERRALUM METALS GROUP SA ) che rileva l'intero debito di metalcorp liberando quest'ultima da ogni obbligo con aumento della cedola e corresponsione trimestrale degli interessi. Dico bene?
fabriziof
Forumer storico
Io capisco (forse) cosí : Metalcorp passa a Ferralum,doveva esserci la clausola di rimborso a 100 in caso di change control ma ora chiedono di annullarla e di prolungare la scadenza del bond con cedola aumentata e trimestrale.Pare di capire che o così o la vendita salta.
fabriziof
Forumer storico
Si mi sembra più corretto di quanto dicevo grazie.
sengus_vd
Nuovo forumer
Scritto in un Italiano sgrammaticato
iguanito
Forumer storico
intendi il rimborso parziale del 31 marzo; la cedola non era prevista a marzoScritto in un Italiano sgrammaticato