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Talen Energy Corporation (OTCQX: TLNE) is a leading independent power producer and infrastructure company headquartered in Houston, Texas. Talen owns and operates approximately 10.7 gigawatts of power infrastructure across the United States. The company is actively involved in producing and selling electricity, capacity, and ancillary services to wholesale U.S. power markets, including PJM and WECC. Talen's generation fleet is primarily located in the Mid-Atlantic and Montana regions.
Talen's business model focuses on reliable and dispatchable generation. The company has a diversified portfolio that includes a mix of carbon-free nuclear generation, natural gas-fired plants, and other energy sources. One of Talen's significant assets is its Susquehanna nuclear power plant, which contributes to 58% of the company's total generation.
Recently, Talen announced several strategic initiatives aimed at optimizing its financial structure and operational efficiency. On April 24, 2024, Talen launched the repricing of its $863 million Term Loan B and $470 million Term Loan C credit facilities. This move is expected to reduce the interest rate on these loans, resulting in an annual interest expense saving of approximately $13 million.
In another major development, Talen completed the sale of its approximately 1,710 MW generation portfolio in the South Zone of the ERCOT market to CPS Energy for $785 million on May 1, 2024. This transaction aligns with Talen's strategy to unlock significant value and provide reliable power to CPS Energy's growing customer base.
Financially, Talen has shown robust performance in recent quarters. For Q1 2024, the company reported an Adjusted EBITDA of $289 million and Adjusted Free Cash Flow of $194 million. These impressive results were driven by successful hedging strategies and lower debt service costs. Consequently, Talen has raised its 2024 financial guidance, projecting Adjusted EBITDA to be in the range of $600 to $800 million and Adjusted Free Cash Flow between $160 and $310 million.
Additionally, Talen has an active share repurchase program, recently upsizing the remaining capacity to $1 billion. This initiative underscores the company's confidence in its future outlook and commitment to delivering shareholder value.
For more updates and detailed information, visit Talen's official website and Investor Relations webpage.
Talen Energy (OTCQX: TLNE) has announced its anticipated move to the NASDAQ Global Select Market. The company's common stock is expected to commence trading under the new symbol 'TLN' on July 10, 2024, following the final trading day on the OTCQX Best Market on July 9, 2024.
Talen has filed an acceleration request with the SEC for its registration statement on Form S-1, which is not yet effective and does not pertain to any imminent financing activities. The company cannot guarantee that the SEC will approve the Form S-1 or the NASDAQ listing application.
Currently, Talen's common stock is not registered under the Securities Act of 1933 and cannot be offered or sold in the U.S. without registration or an exemption. This press release does not constitute an offer to sell or buy securities. All offers and sales will comply with the Securities Act's registration requirements.
For further information, contact Ellen Liu, Senior Director of Investor Relations, or Taryne Williams, Director of Corporate Communications.
Talen Energy (OTCQX: TLNE) announced that it has successfully re-elected all seven members of its Board of Directors following a recent consent solicitation.
The re-elected members include Stephen Schaefer, Mark "Mac" McFarland, Gizman Abbas, Anthony Horton, Karen Hyde, Joseph Nigro, and Christine Benson Schwartzstein.
The certification of written consents was received on July 2, 2024, representing a majority of the company's issued and outstanding common stock.
With the requisite stockholder consents obtained, the company has concluded the consent solicitation process, initially started on May 31, 2024.
The annual stockholders' meeting is anticipated to be held in the second quarter of 2025.
Talen Energy (OTCQX: TLNE) announced an agreement to repurchase approximately 2.4 million shares of its outstanding common stock from Rubric Capital Management affiliates at $116.00 per share, totaling around $280 million. This buyback is part of a $1 billion share repurchase program, which had $388 million remaining after a $612 million equity tender offer. The transaction is expected to close in the coming days. CEO Mac McFarland expressed satisfaction with the continued shareholder returns and emphasized the ongoing partnership with Rubric Capital.
Talen Energy (OTCQX: TLNE) has issued a statement in response to objections from Exelon and AEP concerning the Susquehanna ISA amendment. Talen emphasizes the growing power demand due to AI and data centers and highlights its co-location arrangement with AWS as a timely solution. The company argues that Exelon and AEP's objections are unfounded and that their protest contains false factual claims and weak legal positions. Talen asserts its right to contract with AWS for long-term power sales, supported by agreements with PPL and PJM. Talen is committed to resolving the issue quickly at FERC.
Talen Energy announced the successful remarketing of $50 million PEDFA 2009B Bonds and $80.57 million PEDFA 2009C Bonds. The bonds will now bear interest at 5.25% until June 1, 2027. This transaction terminates approximately $133 million in letters of credit, enhancing Talen's Term Loan C capacity. CFO Terry Nutt stated that the transaction shows strong market demand for Talen's debt and provides strategic flexibility.
Talen Energy (OTCQX: TLNE) announced early tender results for its modified Dutch auction tender offer, intending to repurchase up to $600 million of its common stock, with an option for an additional $12 million.
As of June 12, 2024, tenders for 15,623,319 shares were received, and the company accepted $612 million worth, or 5,275,862 shares, representing 9% of its outstanding stock.
The purchase price was set at $116 per share. This repurchase is part of a $1 billion share buyback program authorized by the Board in May 2024.
The offer is oversubscribed, and no further shares will be accepted. Goldman Sachs & Co. managed the tender offer, with D.F. King & Co. Inc. as the information agent and Equiniti Trust Company, as the depositary.
Talen Energy (OTCQX: TLNE) has launched a $600 million modified Dutch auction tender offer to repurchase its common stock at prices ranging from $116.00 to $122.00 per share. This initiative is part of a recently increased $1 billion share repurchase program.
The offer reflects the company's confidence in its future, supported by strong cash flows and recent strategic transactions, including the sale of its ERCOT generation portfolio and Cumulus data center campus. The tender offer will expire on June 27, 2024, with an early tender deadline on June 12, 2024.
If fully subscribed by the early tender date, the company will repurchase between 4.92 million and 5.17 million shares, representing 8.4% to 8.8% of its outstanding shares. Goldman Sachs & Co. is managing the offer.
Talen Energy announced that, effective May 17, 2024, its outstanding restricted shares of common stock issued under CUSIP No. 87422Q208 have been exchanged for unrestricted shares with CUSIP No. 87422Q109.
This exchange allows the shares to trade on the OTCQX Best Market, significantly increasing their liquidity.
Shareholders can now trade these shares without restriction, provided they comply with securities laws and OTCQX regulations.
Talen Energy reported strong Q1 2024 results, with $289 million in Adjusted EBITDA and $194 million in Adjusted Free Cash Flow. The company increased its 2024 guidance and share repurchase program to $1 billion. Key moves include selling its ERCOT fleet for $785 million and repricing Term Loans to save $13 million annually in interest. Talen's updated guidance reflects expected EBITDA of $600-$800 million and Free Cash Flow of $160-$310 million. The company remains focused on capital allocation and shareholder returns, supported by robust hedging activities and a strong balance sheet with $1.895 billion in liquidity.
Talen Energy announced a successful repricing of its Term Loan B and Term Loan C credit facilities, resulting in a reduction of the interest rate margin by 100 basis points and expected annual interest expense savings of approximately $13 million. The company also obtained amendments to increase its capacity for dispositions, restricted payments, and investments. This positive transaction reflects Talen's strong balance sheet and capital allocation flexibility.
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