Talen Energy Supply Secures $ 788 Million Funding Commitment Led by GoldenTree Asset Management and Silver Point Finance

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THE WOODS, Texas, December 2, 2021 / PRNewswire / – Talen Energy Corporation (“Talen”) and its wholly-owned subsidiary Talen Energy Supply LLC (“TES”) today announced that TES has secured a funding commitment led by GoldenTree Asset Management LP and Silver Point Finance, LLC for a new senior facility in the aggregate amount of $ 788 million mature September 2024.

TES plans to use the proceeds of the financing to finance the high working capital requirements of raw materials during the winter period, repaying approximately $ 238 million outstanding borrowings under its existing revolving credit facility; and to pay transaction fees and expenses associated with the new financing facility.

Closing of the proposed financing is subject to a majority vote of the lenders under TES’s existing revolving credit facility, completion of final documentation and other customary closing conditions. Although TES plans to enter into and complete a definitive credit agreement by mid-December 2021, there can be no assurance that he will enter into the new credit agreement on the terms described above, if at all.

“We are grateful for the capital, partnership and trust of GoldenTree Asset Management, Silver Point Finance and our banking group,” said Alex hernandez, Managing Director of Talen. “This financing will unlock the value of our TES assets in this winter environment favorable to raw materials, while allowing Talen to continue to execute our energy transition strategy to increase the value of the company for all our stakeholders”, continued Mr. Hernandez.

“We are delighted to partner with Alex and his team to lead this important funding and advance the strategic objectives of the company,” said Paul Ardire, director at 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.

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 supplied more than $ 14 billion of capital solutions to more than 300 companies. Today, the Cabinet manages approximately $ 19 billion in investable assets through its credit strategies for institutional investors around the world, including pensions, sovereign wealth funds, endowments, foundations, insurance companies and 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
Media and community relations manager
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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