Independent Power and Renewable Electricity Producers
Company Overview of Talen Energy Supply, LLC
Talen Energy Supply, LLC generates, markets, and trades electricity in North America. The company generates electricity using nuclear, natural gas and oil, coal, hydro, and renewable sources. As of December 31, 2015, it had a generating capacity of approximately 17,400 megawatts. The company was formerly known as PPL Energy Supply, LLC and changed its name to Talen Energy Supply, LLC in June 2015. The company was founded in 2000 and is headquartered in Allentown, Pennsylvania. Talen Energy Supply, LLC operates as a subsidiary of Talen Energy Corporation.
835 Hamilton Street
Allentown, PA 18101-1179
Founded in 2000
Key Executives for Talen Energy Supply, LLC
Chief Executive Officer, President and Director
Chief Financial Officer, Acting Chief Accounting Officer and Senior Vice President
Chairman of LKE, Chief Executive Officer of LKE and President of LKE
President of PPL Electric Utilities Corporation
Chief Commercial Officer and Senior Vice President
Compensation as of Fiscal Year 2016.
Talen Energy Supply, LLC Key Developments
Talen Energy Supply, LLC Announces Early Tender Results of Principal Amount of $900,000,000 of its 4.625% Senior Notes Due 2019, Its 6.500% Senior Notes Due 2018 and its 4.600% Senior Notes Due 2021
Apr 13 17
Talen Energy Supply, LLC announced the early tender results for its previously announced tender offers to purchase for cash up to a maximum aggregate principal amount of $900,000,000 (the "Aggregate Maximum Tender Amount") of its 4.625% Senior Notes due 2019 (the "2019 Notes"), its 6.500% Senior Notes due 2018 (the "2018 Notes") and its 4.600% Senior Notes due 2021 (the "2021 Notes" and, together with the 2019 Notes and the 2018 Notes, the "Securities"). The Tender Offers were made pursuant to the terms and conditions set forth in the offer to purchase, dated March 30, 2017 (the "Offer to Purchase"). As of the previously announced early tender date and time of 5:00 p.m., New York City time, on April 12, 2017 (the "Early Tender Date"), according to information provided by D.F. King & Co. Inc., the tender agent for the Tender Offers, a total of $1,093,092,000 aggregate principal amount of the 2019 Notes, $330,695,000 aggregate principal amount of the 2018 Notes and $309,765,000 aggregate principal amount of the 2021 Notes had been validly tendered and not validly withdrawn in the Tender Offers. Since the aggregate principal amount of the 2019 Notes validly tendered and not validly withdrawn would exceed the Aggregate Maximum Tender Amount, the Company will not accept for purchase any 2018 Notes or 2021 Notes that have been tendered. Rather, the Company will prorate the 2019 Notes accepted for purchase using a proration factor of approximately 82.4%. Withdrawal rights for the Securities expired at 5:00 p.m., New York City time, on April 12, 2017. The table below sets forth the aggregate principal amount of the Securities that were validly tendered and not validly withdrawn by the Early Tender Date that will be accepted for purchase by the Company. The "Total Consideration" for the 2019 Notes validly tendered and accepted for purchase pursuant to the Tender Offers is the amount shown in the table above with respect to the 2019 Notes. Holders of the 2019 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date are eligible to receive the Total Consideration for any such 2019 Notes accepted for purchase. Holders will also receive accrued and unpaid interest on the 2019 Notes validly tendered and accepted for purchase from the applicable last interest payment date up to, but not including, the date the Company makes payment for such 2019 Notes, which date is anticipated to be April 13, 2017. The Tender Offers will expire at 11:59 p.m., New York City time, on April 27, 2017, unless extended or earlier terminated. Because the Tender Offers have been fully subscribed as of the Early Tender Date, holders who tender Securities after the Early Tender Date will not have any of their Securities accepted for purchase. Any Securities tendered after the Early Tender Date, together with all Securities (other than the 2019 Notes) tendered at or prior to the Early Tender Date, will be returned to the holders thereof as described in the Offer to Purchase.
Talen Energy Supply, LLC Announces Pricing of New $500 Million Term Loan Facility and Re-pricing of Existing $600 Million Term Loan Facility
Apr 7 17
Talen Energy Supply, LLC announced on April 7, 2017 that it has priced a new $500 million secured Term Loan B facility and repriced its existing $600 million Term Loan B facility. The new $500 million secured Term Loan B facility priced at L+400 and the price on the existing Term Loan B facility was reduced 100 basis points from L+500 to L+400. Talen Energy expects to use the proceeds of the new $500 million Term Loan B facility, together with the proceeds from a new senior guaranteed notes offering, to refinance, repurchase and/or repay certain of Talen Energy's existing indebtedness, and to pay transaction fees and expenses. The lead arrangers for the new Term Loan B facility are Morgan Stanley, Goldman Sachs, Deutsche Bank Securities, MUFG, Credit Suisse and RBC Capital Markets. The closings of the new term loan and the repricing transaction are subject to finalization of definitive documentation and satisfaction of customary closing conditions.
Talen Energy Supply, LLC Prices $400 Million Offering of Senior Notes
Apr 7 17
Talen Energy Supply, LLC announced on April 6, 2017 that it has priced $400 million aggregate principal amount of its 9.500% senior unsecured guaranteed notes due 2022 in a private offering. The Notes will be issued at 97.000% of par value with a coupon of 9.500% and will mature on July 15, 2022. The offering is expected to close on April 13, 2017, subject to customary closing conditions. The Notes will be guaranteed by certain of Talen Energy Supply's subsidiaries that guarantee its existing indebtedness. Talen Energy Supply intends to use the net proceeds from the offering, together with proceeds from term loan borrowings and cash on hand and/or revolver borrowings, to refinance, repurchase and/or repay certain of Talen Energy Supply's existing indebtedness, including in connection with the previously announced tender offers for Talen Energy Supply's 6.500% Senior Notes due 2018, 4.625% Senior Notes due 2019 and 4.600% Senior Notes due 2021, and to pay transaction fees and expenses.
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