Talen launches $600M term loan to fund at least $600M share buyback from Rubric at 4% VWAP discount

Talen Energy Corp

Repurchase of at least $600M (up to $1B) in common stock from Rubric, which held 22.3% of shares outstanding.
Repurchase price at 4% discount to 15-day VWAP; closing conditioned on $600M incremental term loan B financing.
Term loan B will increase from $859M to ~$1.459B; existing term loan C to be replaced with new LC facility.
Both transactions expected to close by Dec 31, 2024; remaining buyback program capacity ~$1.2B through 2026.
CEO states transaction advances evolution away from post-restructuring capital structure; Rubric remains substantial stakeholder.

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