Talen Energy Supply gets final approval of DIP financing package

By Sarah Lizee

Olympia, Wash., June 21 – Talen Energy Supply LLC received final approval of a $1.76 billion debtor-in-possession financing package led by Citigroup, Goldman Sachs and RBC Capital Markets, according to a final order filed with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the DIP financing comprises a $1 billion term loan, a $300 million revolving credit facility and a $458 million letter-of-credit facility.

Interest on the DIP facilities is the sum of the base rate plus 375 basis points or the sum of adjusted term SOFR for the applicable interest period plus 475 bps.

The facilities are set to mature 18 months after closing.

The company also received final court approval to use cash collateral.

Houston-based Talen Energy Supply is one of the largest competitive power generation and infrastructure companies in North America. The company filed bankruptcy on May 9 under Chapter 11 case number 22-90054.

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