Talen Energy announces launch of proposed senior notes offerings

Talen Energy (TLN) announced that Talen Energy Supply, a direct wholly owned subsidiary of TEC, is proposing to offer and sell, subject to market and other conditions, senior notes due 2034 and senior notes due 2036 in private offerings that are exempt from the registration requirements of the Securities Act of 1933, as amended. The Notes will be jointly and severally guaranteed by each of TES’s subsidiaries that guarantee indebtedness under its credit agreement from time to time. The Company intends to use the net proceeds of these offerings, together with the net proceeds of a new $1.2B senior secured term loan B credit facility, to fund the previously announced acquisitions of the Freedom Energy Center, a 1,045 MW natural gas fired combined cycle generation plant located in Luzerne County, Pennsylvania and the Guernsey Power Station, a 1,836 MW natural gas fired combined cycle generation plant located in Guernsey County, Ohio. Each Acquisition is being made pursuant to a purchase and sale agreement each dated July 17, 2025, among Talen Generation, an indirect wholly owned subsidiary of TEC, and affiliates of Caithness Energy. In the event that one or both of the Acquisitions have not been completed on or prior to 11:59 p.m. on July 17, 2026, or prior to 11:59 p.m. on the Outside Date, we determine that one or both of the Acquisitions will not be consummated on or before the Outside Date or one or both of the Purchase Agreements has been terminated, we will redeem the Notes pursuant to the terms of the related confidential offering circular. The consummation of the Acquisitions are not conditioned on each other.