Talen Energy Supply Raises and Closes $ 848 Million Senior Financing; The transaction provides additional liquidity and advances the energy transition strategy

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THE WOODS, Texas, December 15, 2021 / PRNewswire / – Talen Energy Corporation (“TEC” or “Talen”) today announced that its wholly owned subsidiary Talen Energy Supply LLC (“TES”) has increased and closed the revolving credit facility commitment of first rank previously announced. by GoldenTree Asset Management LP and Silver Point Finance, LLC for a total amount of $ 848 million.

Along with the closing, TES extended the facility to other financial partners, including Apollo Capital Management LP, Diameter Capital Partners LP and Owl Creek Asset Management, LP, through their respective managed funds. In addition, TES has obtained the required approvals and waivers from its Citi-led banking group as administrative agent under its existing revolving credit facility to complete this financing.

This installation, which matures in September 2024, will be mainly used to finance the high working capital requirements of raw materials during the winter period, to reimburse $ 238 million outstanding borrowings under the TES revolving credit facility, fund up to $ 200 million for working capital and other general corporate purposes; and to pay transaction fees and expenses associated with the new financing facility.

“This funding will help unlock the value of our TES assets in this commodity-friendly winter environment while allowing Talen to continue to execute our energy transition strategy,” said TEC CEO. Alex hernandez. “We are grateful for the capital, support and confidence of GoldenTree, Silver Point, Apollo, Diameter, Owl Creek and our banking group to execute and approve this facility. We also look forward to collaborating with our other stakeholders as we work to execute our transformation, maximize business value and ensure the long-term success of the Talen platform and our people. “

“We are delighted to partner with Alex and his team in leading this important financing and advancing the company’s strategic goals,” said Paul Ardire, director of GoldenTree Asset Management. “Our company’s philosophy is to partner with experienced and differentiated management teams, which we have done with Talen over the past few years. We believe that TES’s asset base has significant value in this strong commodity environment, and longer term as Talen executes its energy transition strategy towards renewable energy and digital infrastructure.

“Silver Point is delighted to be working with Talen to provide a bespoke financing solution that meets the short-term liquidity needs of the business in the context of what we believe to be a very strong fundamental operating environment,” said Edward. Mulé, CEO and portfolio manager of Silver Point. . “Silver Point has significant experience and a long history of partnering with companies and leadership teams we believe in to advance their business goals. We are particularly excited about the underlying value of Talen’s generation portfolio and look forward to continuing to support the company as it plays a key role in the ongoing carbon-free energy transition in the United States. “

TES retained White & Case LLP and Weil, Gotshal & Manges LLP as legal advisers and Evercore as investment banker for this financing.

Qualified investors and equity analysts can access additional information on the terms and conditions of this funding in the Investor Update Q3 2021 Supplement, which is now available in the Investor Information section of Talen’s website at: https://talenenergy.investorroom.com/investor-information. The financial statements for the third quarter of 2021 will be published on this site on Thursday, December 16e.

About GoldenTree Asset Management
GoldenTree Asset Management is a global employee-owned asset management company specializing in opportunities in the credit world in industries such as high yield bonds, leveraged loans, distressed debt , structured products, credit-themed equities and emerging markets. GoldenTree was founded in 2000 and is one of the largest independent asset managers focused on credit. GoldenTree manages more than $ 46 billion for institutional investors, including leading public and corporate pension funds, foundations, insurance companies and sovereign wealth funds. For more information, please visit www.goldentree.com

Investor contact
Kathy sutherland
GoldenTree Asset Management
212-847-3455
[email protected]

Media contact
Steve Bruce and Mary Beth Grover
CSA Advisors
203-992-1230
[email protected]
[email protected]

About Silver Point Finance
Silver Point Finance, LLC, a subsidiary of global credit investor Silver Point Capital, LP, is the Company’s personalized finance solutions business. Founded in 2002, Silver Point was designed and built to have the resources, expertise and capital to invest in global credit markets throughout credit cycles. Since its inception in 2002, Silver Point has provided more than $ 14 billion in capital solutions to more than 300 companies. Today, the company manages approximately $ 19 billion in investable assets as part of its lending strategies for institutional investors around the world, including pensions, sovereign wealth funds, foundations, insurance companies and financial institutions. family offices. Further information is available on www.silverpointfinance.com.

Media contact
Todd fogarty
Kekst CNC
212-521-4854
[email protected]

About Talen Energy Corporation
Talen, through its subsidiary TES, is one of the largest competitive power generation and infrastructure companies in North America. TES owns and / or controls approximately 13,000 megawatts of generating capacity in wholesale electricity markets in the United States, primarily in the Mid-Atlantic, Texas and Montana.

Through its subsidiary Cumulus Growth, Talen is developing a large-scale portfolio of renewable energy, battery storage and digital infrastructure assets across its vast footprint. For more information visit https://www.talenenergy.com/esg-focused-future/

Investor contact
Olivia sigo
Senior Director, Corporate Finance, Investor Relations and ESG
281-203-5387
[email protected]

Media contact
Taryne williams
Director of Corporate Communications
610-601-0327
[email protected]

Caution regarding forward-looking information
This press release includes “forward-looking statements”. All statements, other than statements of historical fact, included in this press release that deal with activities, events or developments that TES expects, thinks or anticipates will occur or may occur in the future, as well as ambitious goals, are forward-looking statements. These statements are based on certain assumptions made by TES based on its experience and its perception of historical trends, current conditions, expected future developments and other factors it deems appropriate. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. TES assumes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the publication of this press release, except as required by law.

SOURCE Talen Energy Corp.


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