News Release Issued: Jun 21, 2019 (8:03am EDT)
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Talen Energy Supply, LLC Announces $470 Million Offering of Senior Secured Notes
Talen Energy Supply, LLC Announces $470 Million Offering of Senior Secured Notes
THE WOODLANDS, Texas, June 21, 2019 /
PRNewswire/ -- Talen Energy Supply, LLC (the "
Company" or "
Talen Energy Supply") announced today that it intends to offer, subject to market and other conditions, $470 millionin aggregate principal amount of its senior secured notes due 2028 (the "
Notes") in a private offering. The Notes will be guaranteed by certain of Talen Energy Supply's subsidiaries that guarantee its existing indebtedness. The Notes and the guarantees will be secured equally and ratably with the Company's senior secured notes due 2027, existing revolving credit facility and the New Term Loan B (described below) by a first-priority lien on substantially all of the property and assets of the Company and the guarantors. Talen Energy Supply intends to use the net proceeds from this offering, together with cash on hand and proceeds from a new seven-year $500 million Term Loan B facility that it intends to begin syndicating today and to close concurrently with the closing of the Notes (the "
New Term Loan B"), to repay in full its existing Term Loan B-1 and Term Loan B-2 and to pay transaction fees and expenses.