Greenwich, CT, December 16, 2021 -- Silver Point Finance, a subsidiary of Silver Point Capital, L.P., served as a lead lender in the financing of an $848 million Senior Secured Term Loan to Talen Energy Supply LLC (“TES”), a wholly-owned subsidiary of Talen Energy Corporation (“Talen”). Proceeds will be used to fund elevated commodity working capital requirements during the winter period, repay $238 million of borrowings outstanding under TES' revolving credit facility, fund up to $200 million for working capital and other general corporate purposes.
"Silver Point is pleased to work with Talen to provide a bespoke financing solution that addresses the company's near-term liquidity needs in the context of what we believe is a very strong fundamental operating environment," said Edward Mulé, Silver Point's CEO and Portfolio Manager. "Silver Point has significant experience and a longstanding history of partnering with companies and management teams that we believe in, with the goal of advancing their business objectives. We are particularly excited by the underlying value of Talen's generation portfolio and look forward to continuing to support the company as it plays a key role in the ongoing U.S. carbon-free energy transition."
About Talen Energy Corporation
Talen Energy Corporation, through its subsidiary, TES, is one of the largest competitive power generation and infrastructure companies in North America. TES owns and/or controls approximately 13,000 megawatts of generating capacity in wholesale U.S. power markets, principally in the Mid-Atlantic, Texas and Montana. Through its subsidiary, Cumulus Growth, Talen is developing a large-scale portfolio of renewable energy, battery storage, and digital infrastructure assets across its expansive footprint. For more information, visit https://www.talenenergy.com/esg-focused-future/