White & Case advises Talen Energy Supply on strategic restructuring financing transactions
2 min read
Global law firm White & Case LLP has advised Talen Energy Supply on the consummation of the strategic financing transactions contemplated by its chapter 11 plan of reorganization (the Exit Financing).
"Our team has successfully advised Talen on a complex exit financing that transformed its balance sheet and provides significant liquidity to support its future business plans," said White & Case partner Andrew Weisberg, who co-led the Firm's deal team. "In doing so, we leveraged our market-leading resources and a multi-practice team to structure and implement a first-rate exit financing package for Talen, which will position them well for growth going forward."
The Exit Financing for which White & Case LLP advised Talen on was comprised of a US$700 million senior secured revolving credit facility, a US$580 million senior secured term loan b credit facility, a US$470 million senior secured term loan c credit facility and a US$75 million senior secured stand-alone bilateral letter of credit facility. The Exit Financing also included a US$1.2 billion senior secured notes offering. The proceeds of the Exit Financing were used, in part, to repay in full Talen's pre-petition secured debt.
Talen is one of the largest competitive power generation and infrastructure companies in North America. Talen owns and/or controls approximately 12,400 megawatts of generating capacity in wholesale US power markets, principally in the Mid-Atlantic, Texas and Montana. Additionally, through its Cumulus subsidiaries, Talen is developing a large-scale portfolio of renewable energy, battery storage and digital infrastructure assets across Talen's expansive footprint.
The White & Case team was led by Debt Finance partner Justin Wagstaff and Capital Markets partner Andrew Weisberg, and included Capital Markets partners Gary Kashar and Ian Cuillerier, counsel Rhys Bortignon and associates Abigail Simon, Joseph Chen, Joanna Heinz, Adrian Ling (all in New York) and Melissa Olivo (Miami); and Debt Finance associates Yehuda Rubel, Shana Vantusko, Deland Ji, Ryan Talbott (all in New York) and Alondra Urbina (Los Angeles). Law clerks Elizabeth Mitreski, Yana Gontcharova, Anna Williams and Thomas Boulger also assisted on the matter.
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