Talen Energy Supply withdraws $400 million term loan B from market

By Sara Rosenberg

New York, Oct. 23 – Talen Energy Supply LLC pulled its $400 million seven-year senior secured covenant-light term loan B from the primary market due to unfavorable conditions, according to a market source.

The loan had been talked at Libor plus 350 basis points to 375 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Citigroup Global Markets Inc., MUFG, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Barclays and RBC Capital Markets were acting as the joint lead arrangers on the deal. UBS AG, Mizuho, Keybanc Capital Markets and Credit Agricole were the co-managers.

Proceeds were going to be used to help fund the acquisition of MACH Gen LLC for $1,175,000,000 inclusive of any assumed debt, subject to customary purchase price adjustments.

Talen is an Allentown, Pa.-based energy and power generation company. MACH Gen is an Athens, N.Y.-based operator of gas-fired generation plants.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.