Talen Energy secures $788 million financing commitment

Chicago, Dec. 2 – Talen Energy Corp. and wholly owned subsidiary Talen Energy Supply LLC obtained a financing commitment for a $788 million first-lien facility maturing September 2024, according to a press release.

The commitment came from GoldenTree Asset Management LP and Silver Point Finance, LLC.

Proceeds will be used to fund elevated commodity working capital requirements during the winter period and repay around $238 million under an existing revolving credit facility.

The closing of the financing is subject to a majority vote of lenders under the existing revolver, the execution of definitive documentation and other customary closing conditions.

The company anticipates it will enter into a definitive credit agreement by mid-December, but there can be no assurance that it will under the terms described above, or at all.

TES has retained White & Case LLP and Weil, Gotshal & Manges LLP as its legal advisers, and Evercore as its investment banker for this financing.

Talen Energy is an Allentown, Pa.-based utility network operator.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.