Talen takes in early tenders of $200.55 million for eight note series

By Sarah Lizee

Olympia, Wash., Jan. 16 – Talen Energy Supply, LLC gave the early tender results in the offer for eight series of notes as of the early deadline at 5 p.m. ET on Jan. 15.

By the early deadline, holders had tendered for

• $81,631,000 of the $200,418,000 6% senior notes due 2036;

• $14,739,000 of the $98,057,000 6½% senior guaranteed notes due 2024;

• $9.06 million of the $29,358,000 7% senior guaranteed notes due 2027;

• $49,882,000 of the $600 million 6½% senior notes due 2025;

• $15,311,000 of the $625 million 10½% senior notes due 2026;

• $11,195,000 of the $154,948,000 4.6% senior notes due 2021;

• $11,407,000 of the $16,857,000 4 5/8% senior notes due 2019; and

• $7,321,000 of the $400 million 9½% senior notes due 2022.

The company accepted for purchase all of the notes that were validly tendered and not withdrawn by the early deadline.

As previously reported, the company is offering to pay up to $200 million the tender offer until 11:59 p.m. ET on Jan. 30.

The total purchase price per $1,000 principal amount is $530 for the 6% senior notes due 2036; $725 for the 6½% senior guaranteed notes due 2024; $730 for the 7% senior guaranteed notes due 2027; $770 for the 6½% senior notes due 2025; $905 for 10½% senior notes due 2026; $930 for the 4.6% senior notes due 2021; $1,005 for the 4 5/8% senior notes due 2019; and $1,010 for the 9½% senior notes due 2022.

The total amount includes an early tender premium of $50 per $1,000 principal amount of notes tendered by the early deadline.

Holders who tender after the early deadline will receive the total payment less the early premium.

The maximum purchase price and sub-cap exclude accrued interest to but excluding the settlement date.

Talen intends to fund the purchase of the notes with borrowings under its revolving credit facility.

Tendered notes may be withdrawn before the early deadline.

Credit Suisse Securities (USA) LLC (212 325-2476 or 800 820-1653) is the dealer manager. Global Bondholder Services Corp. (212 430-3774, 866 794-2200 or contact@gbsc-usa.com) is the tender agent.

Talen Energy is a competitive power generation company based in The Woodlands, Texas.

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