Talen Energy Supply Announces Commencement of Consent Solicitation for Its 8.625% Senior Secured Notes Due 2030

About this update from Talen Energy Corporation

[{"type":"text","content":"HOUSTON, Jan. 06, 2025 (GLOBE NEWSWIRE) -- Talen Energy Corporation (NASDAQ: TLN) announced today that its wholly owned subsidiary, Talen Energy Supply, LLC (“Talen” or the “Company”), is soliciting consents (the “Consents”) from each registered holder of its 8.625% Senior Secured Notes due 2030 (the “Notes”) with respect to the adoption of certain proposed amendments (the “Proposed Amendments”) to the Indenture, dated as of May 12, 2023 (as amended, supplemented or otherwise modified prior to the date hereof, the “Indenture”), among Talen, the guarantors party thereto and Wilmington Savings Fund Society, FSB, as trustee (the “Consent Solicitation”). Talen is seeking the Proposed Amendments in order to (i) modify certain provisions, including certain covenants and related definitions, in the Indenture in order to substantially conform to the corresponding provisions set forth in the Company’s credit agreement dated May 17, 2023 (as amended, supplemented or otherwise modified prior to the date hereof) and (ii) waive Talen's right to optionally redeem up to 10.0% of the Notes prior to June 1, 2025 at a price equal to 103.000% of the aggregate principal amount of Notes to be redeemed. Holders of the Notes are referred to the consent solicitation statement of Talen, dated January 6, 2025 (the “Consent Solicitation Statement”), for the detailed terms and conditions of the Consent Solicitation. The Consent Solicitation was commenced today and will expire at 5:00 p.m. (New York City time) on January 13, 2025, unless extended by Talen (such date and time, as the same may be extended, is referred to as the “Expiration Time”). The Consent Solicitation is made solely by means of the Consent Solicitation Statement. The Consent Solicitation Statement contains important information that holders of Notes should carefully read before any decision is made with respect to the Consent Solicitation. Only holders of the Notes as of 5:00 p.m. (New York City time) on January 3, 2025 (such date and time, including as such date and time may be changed by Talen, from time to time, the “Record Time”) are entitled to consent to the Proposed Amendments pursuant to the Consent Solicitation Statement. In order to implement the Proposed Amendments, a supplemental indenture to the Indenture will be entered into (the “Supplemental Indenture”). If the Supplementa...

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