Talen Energy Supply, LLC Announces Early Cancellation of its Cash Tender Offers to Purchase $200 Million of its $2.1 Billion Outstanding Unsecured Debt Securities

THE WOODLANDS, Texas, Jan. 23, 2019 /PRNewswire/ -- Talen Energy Supply, LLC (the "Company" or "Talen Energy Supply") announced today that it has terminated its previously announced tender offers (the "Tender Offers") to purchase for cash up to an aggregate purchase price of $200,000,000 (the "Aggregate Maximum Tender Amount") of its 6.000% Senior Notes due 2036 (the "2036 Notes"), 6.500% Senior Guaranteed Notes due 2024 (the "2024 Notes"), 7.000% Senior Guaranteed Notes due 2027 (the "2027 Notes"), 6.500% Senior Notes due 2025 (the "2025 Notes"), 10.500% Senior Notes due 2026 (the "2026 Notes"), 4.600% Senior Notes due 2021 (the "2021 Notes"), 4.625% Senior Notes due 2019 (the "2019 Notes") and 9.500% Senior Notes due 2022 (the "2022 Notes" and, together with the 2036 Notes, the 2024 Notes, the 2027 Notes, the 2025 Notes, the 2026 Notes, the 2021 Notes and the 2019 Notes, the "Securities"), which were due to expire at 11:59 p.m., New York City time, on January 30, 2019.  

Talen Energy Logo (PRNewsfoto/Susquehanna Nuclear LLC)

The Company has decided on early cancellation of the Tender Offers at this time due to the acceleration of the preparation timeline for the Company's previously announced investor day on February 12, 2019.

This press release constitutes a formal termination of the Tender Offers, which were made pursuant to the terms and conditions set forth in the offer to purchase, dated January 2, 2019 (the "Offer to Purchase"). As previously announced, on January 18, 2019, the Company purchased $200,546,000 aggregate principal amount of Securities that had been validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on January 15, 2019 (the "Early Tender Date"), consisting of $81,631,000 aggregate principal amount of the 2036 Notes, $14,739,000 aggregate principal amount of the 2024 Notes, $9,060,000 aggregate principal amount of the 2027 Notes, $49,882,000 aggregate principal amount of the 2025 Notes, $15,311,000 aggregate principal amount of the 2026 Notes, $11,195,000 aggregate principal amount of the 2021 Notes, $11,407,000 aggregate principal amount of the 2019 Notes and $7,321,000 aggregate principal amount of the 2022 Notes. All Securities that have been validly tendered after the Early Tender Date will be promptly returned or credited back to their respective holders.

Information Relating to the Tender Offers
Credit Suisse Securities (USA) LLC is the Dealer Manager for the Tender Offers. Investors with questions regarding the Tender Offers may contact Credit Suisse Securities (USA) LLC at (212) 325-2476 (New York) or (800) 820-1653 (U.S. toll free). Global Bondholder Services Corporation is the tender agent for the Tender Offers. Copies of the Offer to Purchase and any related offer documents may be obtained by contacting Global Bondholder Services Corporation by phone at (212) 430-3774 (New York) or (866) 794- 2200 (toll-free) or by email at contact@gbsc-usa.com

This press release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any of the Securities.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.

About Talen Energy
Talen Energy Supply is one of the largest competitive energy and power generation companies in North America. The Company owns or controls approximately 15,000 megawatts of generating capacity in well-developed, structured wholesale power markets, principally in the Northeast, Mid-Atlantic and Southwest regions of the United States. For more information, visit  www.talenenergy.com

Investor Contacts
Stacey Peterson
Senior Vice President, Treasurer, and Head of Investor Relations
Ryan Koren
Senior Manager, Investor Relations and FP&A
610-601 0477


SOURCE Talen Energy Supply, LLC