By Susanna Moon
Chicago, Aug. 2 – Talen Energy Supply, LLC said investors had tendered for exchange $98,057,000, or 13.94%, of its $703,415,000 4.6% unguaranteed notes due Dec. 15, 2021.
As announced July 3, the company was offering to exchange the notes for new 6½% guaranteed notes due 2024 until 5 p.m. ET on Aug. 1.
Talen expects to issue $98,057,000 principal amount of the new notes in the exchange, with settlement set for Friday, according to a company notice.
The company said it lacked the needed consents to amend the notes indenture for the 2021 unguaranteed notes.
The total exchange value was $1,000 principal amount of new notes per $1,000 of notes tendered by the early consent deadline.
The total amount includes a $50 early consent payment per $1,000 of notes, which will be paid to holders who tendered before the early deadline.
Holders had tendered for exchange $91.12 million, or 12.95%, of the notes due Dec. 15, 2021 as of 5 p.m. ET on July 17, the early consent date.
The company was also holding a concurrent consent solicitation seeking to amend the existing notes indenture to eliminate some restrictive covenants.
Global Bondholder Services Corp. (866 794-2200 or 212 430-3774) is the exchange agent and information agent.
Talen Energy is an Allentown, Pa., competitive energy and power generation company.
| Issuer: | Talen Energy Supply, LLC
|
| Issue: | $98,057,000
|
| Amount: | Guaranteed notes
|
| Maturity: | 2024
|
| Coupon: | 6½%
|
| Settlement date: | Aug. 4
|
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