August 26, 2016 11:30 PM ET

Electric Utilities

Company Overview of Texas Competitive Electric Holdings Company LLC

Company Overview

Texas Competitive Electric Holdings Company LLC, together with its subsidiaries, engages in the generation, retail sale, and wholesale of electricity to residential and business customers in Texas. It also engages in the development and construction of generation facilities, as well as the commodity risk management and trading activities. The company is based in Dallas, Texas. Texas Competitive Electric Holdings Company LLC operates as a subsidiary of Energy Future Competitive Holdings Company LLC. On April 29, 2014, Texas Competitive Electric Holdings Company LLC filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware.

1601 Bryan Street

Dallas, TX 75201-3411

United States

Phone:

214-812-4600

Key Executives for Texas Competitive Electric Holdings Company LLC

Chairman of the Board, Chief Executive Officer, President, Chief Executive Officer of EFH Corp, President of EFH Corp and Director of EFH Corp
Age: 60
Chief Financial Officer and Executive Vice President
Age: 62
Chief Executive of Luminant and President of Luminant
Age: 48
Chairman of TXU Energy and Chief Executive Officer of TXU Energy
Age: 48
President - Txu Generation
Age: 73
Compensation as of Fiscal Year 2016.

Texas Competitive Electric Holdings Company LLC Key Developments

Third Amended Reorganization Plan and Disclosure Statement Filed by Energy Future Holdings Corp. for EFH Debtors and EFIH Debtors

Energy Future Holdings Corp. filed a joint third amended plan of reorganization and related disclosure statement as it applies to the EFH debtors and EFIH debtors in the US Bankruptcy Court on August 5, 2016. As per the plan, legacy general unsecured claims against the EFH debtors shall be reinstated. EFIH First Lien Note Claims and EFIH second lien note claims shall be paid in full in cash. General unsecured claims against the EFIH Debtors shall be paid in cash on a pro rata basis. Interests in EFIH shall be reinstated. Interests in EFH Shared Services Debtors shall be reinstated. Treatment of all other classes shall remain unchanged. Energy Future Holdings Corp. filed a joint third amended plan of reorganization and related disclosure statement as it applies to the EFH debtors and EFIH debtors in the US Bankruptcy Court on August 5, 2016. As per the plan, legacy general unsecured claims against the EFH debtors shall be reinstated. EFIH First Lien Note Claims and EFIH second lien note claims shall be paid in full in cash. General unsecured claims against the EFIH Debtors shall be paid in cash on a pro rata basis. Interests in EFIH shall be reinstated. Interests in EFH Shared Services Debtors shall be reinstated. Treatment of all other classes shall remain unchanged. Energy Future Holdings Corp. filed a modified joint third amended plan of reorganization as it applies to the EFH debtors and EFIH debtors in the US Bankruptcy Court on August 16, 2016. As per the modified plan, there shall be no changes in the treatment of any claim class. Energy Future Holdings Corp. filed a modified joint third amended plan of reorganization as it applies to the EFH debtors and EFIH debtors in the US Bankruptcy Court on August 23, 2016. As per the modified plan, there shall be no changes in the treatment of any claim class.

Amended DIP Financing Approved for Texas Competitive Electric Holdings Company LLC

The US Bankruptcy Court gave an amended order to Texas Competitive Electric Holdings Company LLC to obtain DIP financing on June 28, 2016. As per the amended order, there shall be no changes in the terms of the DIP facility.

DIP Financing Approved for Texas Competitive Electric Holdings Company LLC

The US Bankruptcy Court gave an order to Texas Competitive Electric Holdings Company LLC to obtain DIP financing on June 24, 2016. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $4.25 billion from Deutsche Bank AG New York Branch, Deutsche Bank Securities Inc., Barclays Bank PLC, Citi Group Global Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, UBS Securities LLC and Natixis, New York Branch with Deutsche Bank AG New York Branch acting as the administrative and collateral agent. Under the exit facility, Senior Term Loan B facilities and Senior Term Loan B facilities would carry an interest rate of either LIBOR plus 5% p.a., with the LIBOR base rate at a minimum of 1% p.a. or an alternate base rate plus 4% p.a. and the Senior Revolving Credit Facility would carry an interest rate of either LIBOR plus 4% p.a., or an alternate base rate plus 3% p.a., along with a default rate of additional 2% p.a. As per the terms of the exit financing agreement, the loan carries a commitment fee of 0.5% p.a. and a fronting fee of 0.125% p.a. The exit facility would mature on October 31, 2017. The proceeds of exit facility would be used to fund the debtor’s reorganization plan and to pay off the claim of debtor’s secured lender. White & Case LLP will represent Deutsche Bank AG New York Branch.

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Recent Private Companies Transactions

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