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Prospect News home > News index > List of issuers T > Headlines for Texas Competitive Electric Holdings Co. LLC > News item |
Texas Competitive Electric holder agrees to swap $1.27 billion notes
By Angela McDaniels
Tacoma, Wash., Nov. 15 - Texas Competitive Electric Holdings Co. LLC and TCEH Finance, Inc. agreed to issue about $884 million principal amount of 15% senior secured second-lien notes due 2021, series B, in exchange for about $1.27 billion principal amount of their 10¼% senior notes due 2015, 10¼% senior notes due 2015, series B, and 10½%/11¼% senior toggle notes due 2016.
The exchange agreement was reached with an institutional investor on Nov. 12, according to an 8-K report filed with the Securities and Exchange Commission by Energy Future Holdings Corp.
The noteholder will also receive accrued interest on the notes exchanged.
The terms of the new notes will be identical to the company's outstanding 15% senior secured second-lien notes due 2021, series B.
The issuers are subsidiaries of Energy Future Holdings, a Dallas-based power generation and electric utility company formerly known as TXU Corp.
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