Talen launches $1.2B term loan and senior notes for $3.79B plant acquisitions; refiles HSR

Talen Energy Corp

TES priced $1.2B senior secured term loan B at SOFR+200 bps and launched offering of 2034/2036 senior notes to fund $3.79B acquisitions of Freedom (1,045 MW) and Guernsey (1,836 MW) gas plants.
Talen withdrew and refiled HSR application after DOJ discussions; regulatory filings pending, expecting close in Q1 2026.
Termination fees of ~$63M (Freedom) and $100M (Guernsey) if acquisitions not closed by Outside Date (July 2026, extendable to Jan 2027).
Notes will be redeemed if acquisitions not consummated by Outside Date.

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