HOUSTON, June 13, 2024 /PRNewswire/ -- Talen Energy Corporation ("Talen") (OTCQX: TLNE) today announced the successful remarketing (the "Remarketing") of $50,000,000 aggregate principal amount of Pennsylvania Economic Development Finance Authority ("PEDFA") Exempt Facilities Revenue Refunding Bonds Series 2009B (PPL Energy Supply, LLC) (the "2009B Bonds") and $80,570,000 aggregate principal amount of PEDFA Exempt Facilities Revenue Refunding Bonds Series 2009C (PPL Energy Supply, LLC) (the "2009C Bonds" and, together with the 2009B Bonds, the "Bonds").
The Bonds will now bear interest at 5.25% until the end of the new term rate period on June 1, 2027. In connection with the Remarketing, the approximately $133 million of letters of credit that had previously backstopped the Bonds will be terminated, providing Talen with increased capacity on its Term Loan C facility.
"This remarketing transaction demonstrates continued strong market demand for our debt and provides us with additional flexibility to continue executing on strategic initiatives," said Talen Chief Financial Officer, Terry Nutt.
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Talen retained White & Case LLP as its counsel for the Remarketing.
About Talen
Talen owns and operates approximately 10.7 gigawatts of power infrastructure in the United States. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, including PJM and WECC, with our generation fleet principally located in the Mid-Atlantic and Montana. Talen is headquartered in Houston, Texas. For more information visit www.talenenergy.com.
Talen trades on the OTCQX® Best Market under the ticker "TLNE." OTCQX companies meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and have a professional third-party sponsor introduction. Investors can find current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com/stock/TLNE/overview.
Additional Information
For additional information and updates about Talen, please visit our Investor Relations webpage at https://talenenergy.investorroom.com, or contact:
Investor Relations:
Investor Relations
investorrelations@talenenergy.com
Media:
Taryne Williams
Director, Corporate Communications
Taryne.Williams@talenenergy.com
Forward-Looking Statements
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SOURCE Talen Energy Corporation