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Talen Energy Bank Lenders Hire RPA for Debt Negotiations
2021-09-22 18:21:40.185 GMT
By Rachel Butt
(Bloomberg) -- Lenders who provided financially strapped
Talen Energy Corp. with a $690 million credit line hired RPA
Advisors to assist with debt negotiations, according to people
with knowledge of the matter.
The banks are among multiple creditor groups formed to
protect their interests as Talen evaluates ways to reduce its
roughly $4 billion debt load and transition to renewable energy.
The bank group already is working with the law firm Davis Polk &
Hardwell, Bloomberg Newsreported earlier this month.
After holding internal discussions, the creditor groups are
preparing to reach out to Talen’s advisers for talks soon, said
the people, who asked not to be identified because the
discussions are private.
Representatives at Talen and RPA didn’t return requests for
comment.
Certain term loan holders have banded together with King &
Spalding and Houlihan Lokey, while holders of Talen’s unsecured
and secured debt organized with Paul Weiss Rifkind Wharton &
Garrison and Perella Weinberg. Talen itself is represented by
investment bank Evercore and legal counsel Weil Gotshal &
Manges, Bloomberg News reported last month.
Riverstone Holdings-backed Talen announced Tuesday it
signed a six-year agreement for as much as $175 million from
Orion Energy Partners. In exchange, Orion will receive a non-
voting equity stake in Talen’s Cumulus Digital Holdings LLC
unit, the parent of Cumulus Digital LLC. Talen’s subsidiaries
also sold equity in clean energy development entities and
undeveloped land to Cumulus Growth Holdings LLC, which owns
Cumulus Digital.
Talen’s 6.5% notes due 2025 traded at around 52.6 cents on
the dollar Wednesday, up from 47.2 cents on the dollar on Sept.
20, according to Trace data.
The Woodlands, Texas-based Talen intends to repay $114
million of unsecured notes due in December 2021 from its cash
balance, of which $329 million was unrestricted as of June 30,
according to a Moody’s Investors Service note on Sept 1. The
utility faces additional maturities in 2025 and 2026, and its
viability will hinge on future capacity auction results and
overall power prices, the rating company said.
To contact the reporter on this story:
Rachel Butt in New York at [email protected]
To contact the editors responsible for this story:
Claire Boston at [email protected]
John McCorry
To view this story in Bloomberg click here:
Bloomberg Link
2021-09-22 18:21:40.185 GMT
By Rachel Butt
(Bloomberg) -- Lenders who provided financially strapped
Talen Energy Corp. with a $690 million credit line hired RPA
Advisors to assist with debt negotiations, according to people
with knowledge of the matter.
The banks are among multiple creditor groups formed to
protect their interests as Talen evaluates ways to reduce its
roughly $4 billion debt load and transition to renewable energy.
The bank group already is working with the law firm Davis Polk &
Hardwell, Bloomberg Newsreported earlier this month.
After holding internal discussions, the creditor groups are
preparing to reach out to Talen’s advisers for talks soon, said
the people, who asked not to be identified because the
discussions are private.
Representatives at Talen and RPA didn’t return requests for
comment.
Certain term loan holders have banded together with King &
Spalding and Houlihan Lokey, while holders of Talen’s unsecured
and secured debt organized with Paul Weiss Rifkind Wharton &
Garrison and Perella Weinberg. Talen itself is represented by
investment bank Evercore and legal counsel Weil Gotshal &
Manges, Bloomberg News reported last month.
Riverstone Holdings-backed Talen announced Tuesday it
signed a six-year agreement for as much as $175 million from
Orion Energy Partners. In exchange, Orion will receive a non-
voting equity stake in Talen’s Cumulus Digital Holdings LLC
unit, the parent of Cumulus Digital LLC. Talen’s subsidiaries
also sold equity in clean energy development entities and
undeveloped land to Cumulus Growth Holdings LLC, which owns
Cumulus Digital.
Talen’s 6.5% notes due 2025 traded at around 52.6 cents on
the dollar Wednesday, up from 47.2 cents on the dollar on Sept.
20, according to Trace data.
The Woodlands, Texas-based Talen intends to repay $114
million of unsecured notes due in December 2021 from its cash
balance, of which $329 million was unrestricted as of June 30,
according to a Moody’s Investors Service note on Sept 1. The
utility faces additional maturities in 2025 and 2026, and its
viability will hinge on future capacity auction results and
overall power prices, the rating company said.
To contact the reporter on this story:
Rachel Butt in New York at [email protected]
To contact the editors responsible for this story:
Claire Boston at [email protected]
John McCorry
To view this story in Bloomberg click here:
Bloomberg Link
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