Talen Energy Supply LLC on Aug. 2 released final results of a previously announced tender offer to purchase any and all outstanding existing 2021 unguaranteed notes for up to $703.4 million of its 6.50% senior notes due 2024.
As of 5 p.m. ET on Aug. 1, about $98.1 million, or 13.94%, of the 2021 notes were validly tendered and not validly withdrawn. In connection with the offer, the company also was seeking consents to adopt proposed amendments to an indenture governing the 2021 notes to eliminate restrictive agreements.
However, Talen Energy said it did not receive the requisite consents to adopt the proposed amendments to the indenture governing the existing notes.
The exchange offer is expected to settle Aug. 4. The company expects to accept all of the existing notes validly tendered and not validly withdrawn at or prior to the expiration date and expects to issue a like amount of new 2024 guaranteed notes in exchange for the accepted notes.
Holders who validly tendered and did not validly withdraw their existing notes on or prior to the expiration date will be paid a total consideration of $1,000 amount of new 2024 notes for each $1,000 principal amount of the existing notes accepted for exchange plus accrued and unpaid interest.