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Talen Energy (NASDAQ: TLN) has reached a 'reliability-must-run' (RMR) settlement agreement with PJM Interconnection and other parties to extend operations of its Brandon Shores and H.A. Wagner power plants until May 31, 2029, beyond their scheduled May 2025 retirement dates. The agreement aims to maintain grid reliability in Baltimore until transmission upgrades are completed.
The settlement, pending FERC approval, will provide fixed payments of $312/MW-day ($145 million annually) for Brandon Shores and $137/MW-day ($35 million annually) for H.A. Wagner, including performance incentives of $5 million and $2.5 million respectively. Fuel costs and variable operations expenses will be separately reimbursed.
Under the agreement, both plants will not be considered capacity resources but will be part of the capacity market supply stack, with offer prices dependent on PJM's pending Section 205 proceeding.
Talen Energy (NASDAQ: TLN) announced that its subsidiary, Talen Energy Supply, has successfully completed its consent solicitation for amendments to its 8.625% Senior Secured Notes due 2030. The company received sufficient consents to modify certain provisions and covenants in the Indenture to align with their credit agreement dated May 17, 2023.
The amendments also include waiving Talen's right to optionally redeem up to 10.0% of the Notes prior to June 1, 2025 at 103.000% of the principal amount. The consent solicitation expired on January 13, 2025, and the company expects to pay the consent fee to participating noteholders on January 14, 2025. RBC Capital Markets acted as lead solicitation agent, with Citigroup Global Markets as co-agent.
Talen Energy (NASDAQ: TLN) announced that its subsidiary, Talen Energy Supply, is conducting a consent solicitation for holders of its 8.625% Senior Secured Notes due 2030. The company seeks to modify certain provisions in the Indenture to align with their credit agreement and waive the right to optionally redeem up to 10% of Notes before June 1, 2025.
The consent solicitation runs until January 13, 2025, at 5:00 p.m. (NYC time). Holders of Notes as of January 3, 2025, who provide valid consent will receive $6.25 per $1,000 principal amount of Notes. The amendments require consent from holders representing at least a majority of the aggregate principal amount. RBC Capital Markets acts as lead solicitation agent, with Citigroup Global Markets as solicitation agent.
Talen Energy (NASDAQ: TLN) has responded to FERC's decision to defer ruling on Talen's rehearing request regarding the Susquehanna ISA amendments. The original amendments, rejected by FERC on November 1, 2024, sought to increase co-located load capacity at Talen's Susquehanna nuclear facility from 300 megawatts to 480 megawatts. Following FERC's deferral decision, Talen plans to pursue appellate remedies in the United States Circuit Court of Appeals. Meanwhile, the company continues operating under the current 300-megawatt ISA while exploring alternative commercial solutions with AWS.
Talen Energy (NASDAQ: TLN) has completed several refinancing transactions to improve its debt structure and reduce financing costs. The company has: repriced its $700 million revolving credit facility with a 100 basis points reduction in interest rate margin; repriced $859 million in Term B loans with a similar 100 basis points reduction; issued a new $900 million secured LC facility; and repaid $470 million in Term C loans while terminating associated facilities.
These transactions are expected to generate annual savings of approximately $28 million in interest, fees, and other expenses, excluding additional interest from the Incremental TLB. The company also obtained amendments increasing flexibility for restricted payments, investments, and dispositions under its primary credit agreement.
Talen Energy (NASDAQ: TLN) has successfully closed its $850 million incremental Term Loan B credit facility and completed a significant stock repurchase. The company expanded the repurchase from $850 million to $1 billion by using additional cash on hand, buying back 4,893,507 shares at $204.35 per share from Rubric Capital Management LP at a 4% discount to the 15-day VWAP.
The company has now repurchased over 20% of its outstanding Common Stock in the past year, representing nearly 75% of its market capitalization since emerging from bankruptcy in May 2023. Following the repurchase, 45,961,910 shares remain outstanding, with approximately $1.08 billion capacity remaining in the share repurchase program through 2026.
Talen Energy (NASDAQ: TLN) has announced an increase in its incremental Term Loan B credit facility from $600 million to $850 million. The additional funding will be used to expand the company's previously announced share repurchase program from Rubric Capital Management LP affiliates. The repurchase will be executed under the same terms as the initial arrangement, with the increased facility allowing for additional share buybacks beyond the original $600 million target.
Talen Energy (NASDAQ: TLN) has announced two major financial transactions: a $600 million Term Loan B financing and a concurrent agreement to repurchase common stock. The financing will increase the company's Term Loan B balance from $859 million to approximately $1.459 billion. The company will also replace its Term Loan C facility with a new letter of credit facility.
The stock repurchase agreement with Rubric Capital Management LP involves buying back at least $600 million worth of shares at a 4% discount to a 15-day VWAP. This transaction is separate from the previously announced share repurchase program, which will maintain approximately $1.2 billion in remaining capacity through 2026. Both transactions are expected to close before December 31, 2024.
Talen Energy reported strong Q3 2024 results with GAAP Net Income of $168 million and year-to-date earnings of $916 million. The company achieved Adjusted EBITDA of $230 million and Adjusted Free Cash Flow of $97 million for Q3. Based on performance, Talen raised and narrowed its 2024 guidance, projecting Adjusted EBITDA of $750-780 million and Adjusted Free Cash Flow of $265-285 million. The company reaffirmed its 2025 guidance ranges. Notable developments include becoming 100% owner of Nautilus JV, repurchasing 2.6 million shares at $117.64 per share, and addition to five equity indices. The company maintains strong liquidity of $1.3 billion and a net leverage ratio of 2.1x.
Talen Energy responded to FERC's rejection of the amended Susquehanna Interconnection Service Agreement (ISA) that would have increased co-located load capacity at their nuclear power facility from 300 to 480 megawatts. While disagreeing with FERC's decision, Talen emphasized that the existing 300-megawatt ISA remains valid, allowing the first phases of the Amazon Web Services data center campus to proceed. The company is exploring commercial alternatives while maintaining that their co-location arrangement with AWS provides efficient solutions for large-load demand without requiring expensive transmission upgrades.
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