|
|
|
|
|
Retail Supplier Affiliate Secures $788 Million Financing Commitment Led by GoldenTree Asset Management and Silver Point Finance
The following story is brought free of charge to readers by EC Infosystems, the exclusive EDI provider of EnergyChoiceMatters.com
Talen Energy Corporation ("Talen") and its wholly-owned subsidiary Talen Energy Supply LLC ("TES") announced that TES has obtained a financing commitment led by GoldenTree Asset Management LP and Silver Point Finance, LLC for a new first lien facility in the aggregate amount of $788 million maturing September 2024.
TES owns and/or controls approximately 13,000 megawatts of generating capacity in wholesale U.S. power markets, principally in the Mid-Atlantic, Texas and Montana.
TES expects to use the proceeds from the financing to fund elevated commodity working capital requirements during the winter period, repay approximately $238 million of borrowings outstanding under its existing revolving credit facility, and to pay transaction fees and expenses related to the new financing facility.
The closing of the proposed financing is subject to a majority vote of lenders under the TES existing revolving credit facility, the execution of definitive documentation and other customary closing conditions. "Although TES anticipates closing and entering into a definitive credit agreement by mid-December 2021, there can be no assurance that it will enter into the new credit agreement under the terms described above, or at all," Talen said
Alex Hernandez, Chief Executive Officer of Talen, stated. "This financing will unlock the value of our TES assets in this strong winter commodity environment, while enabling Talen to continue executing our energy transition strategy to grow enterprise value for all of our stakeholders."
ADVERTISEMENT Copyright 2010-21 Energy Choice Matters. If you wish to share this story, please
email or post the website link; unauthorized copying, retransmission, or republication
prohibited.
December 2, 2021
Email This Story
Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
NEW Jobs on RetailEnergyJobs.com:
• NEW! -- Digital Marketing Manager -- Retail Supplier
• NEW! -- Operations Manager -- Retail Supplier
• NEW! -- Marketing Manager
• NEW! -- PJM Program Manager
• NEW! -- Sr. Margin Optimization Analyst - Retail Energy -- Houston
• NEW! -- Pricing Analyst -- Retail Supplier
• NEW! -- Senior Sales Executive -- Retail Supplier
• NEW! -- Power Analyst
• NEW! -- Financial Analyst
• NEW! -- Environmental Commodity Analyst
• NEW! -- Gas Analyst
• Energy Pricing Analyst -- Retail Supplier
• Senior Account Operations Analyst -- Retail Supplier
• Energy Procurement Manager
|
|
|
|