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Talen Energy Supply prices new $500M term loan B facility

Talen Energy Supply LLC has priced a new $500 million secured term loan B facility at LIBOR plus 400 basis points and has reduced the price on its existing $600 million term loan B facility by 100 basis points to LIBOR plus 400 basis points from LIBOR plus 500 basis points.

Talen Energy Corp. plans to use the proceeds of the new loan facility together with the proceeds from a senior notes offering, to refinance, repurchase and/or repay certain existing debts.

The closing of the transactions is subject to finalization of definitive documentation and customary closing conditions, the company said in an April 7 release.

Morgan Stanley, Goldman Sachs, Deutsche Bank Securities, MUFG, Credit Suisse and RBC Capital Markets were the lead arrangers for the new facility.