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Moody's gives Talen Energy loans Baa3
Moody's Investors Service said it gave a Baa3 rating to Talen Energy Supply LLC’s $1.8 billion of senior secured super-priority debtor-in-possession credit facilities, which were authorized by Friday’s U.S. Bankruptcy Court for the Southern District of Texas.
“The rating primarily reflects the structural features of the DIP and the strong collateral coverage available to the DIP lenders,” the agency said in a press release.
The DIP facilities are comprised of a $1 billion senior secured term loan and a $300 million senior secured revolving credit facility and a $458 million senior secured letter of credit facility as rollover debt for letters of credit outstanding under the prepetition revolver.
Talen will use the proceeds for general corporate purposes, including working capital, transaction fees and expenses associated with the DIP facilities, ongoing bankruptcy process and LOCs.
Talen filed for bankruptcy protection under Chapter 11 on May 9. Moody's withdrew all its ratings on Talen following the Chapter 11 bankruptcy filing.
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