Talen Energy talks $400 million eight-year guaranteed notes with 10½% coupon with 97 area OID

By Paul A. Harris

Portland, Ore., Nov. 14 – Talen Energy Supply, LLC talked a $400 million offering of eight-year senior guaranteed notes (current ratings B1/B+) with a 10½% coupon and a reoffer price in the 97 area on Tuesday, according to an informed source.

Books were scheduled to close at 4:30 p.m. ET on Tuesday.

Morgan Stanley & Co. LLC is the bookrunner for the Rule 144A and Regulation S for life offering.

The notes become callable after three years at par plus 75% of the coupon.

The Allentown, Pa.-based independent power producer plans to use the proceeds, together with cash on hand, to refinance, repurchase and/or repay certain debt, including its 2018 notes.

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