Talen Energy Announces Launch of Proposed Senior Notes Offerings

HOUSTON, Oct. 09, 2025 (GLOBE NEWSWIRE) -- Talen Energy Corporation (“TEC,” “we” or “our”) (NASDAQ: TLN) announced today that Talen Energy Supply, LLC (“TES” or the “Company”), a direct wholly owned subsidiary of TEC, is proposing to offer and sell, subject to market and other conditions, senior notes due 2034 (the “2034 Notes”) and senior notes due 2036 (the “2036 Notes” and together with the 2034 Notes, the “Notes”) in private offerings that are exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be jointly and severally guaranteed by each of TES’s subsidiaries that guarantee indebtedness under its credit agreement from time to time.

The Company intends to use the net proceeds of these offerings, together with the net proceeds of a new $1.2 billion senior secured term loan B credit facility, to fund the previously announced acquisitions (each an “Acquisition” and collectively, the “Acquisitions”) of (i) the Freedom Energy Center, a 1,045 MW natural gas fired combined cycle generation plant located in Luzerne County, Pennsylvania (the “Freedom Acquisition”) and (ii) the Guernsey Power Station, a 1,836 MW natural gas fired combined cycle generation plant located in Guernsey County, Ohio (the “Guernsey Acquisition”). Each Acquisition is being made pursuant to a purchase and sale agreement (each a “Purchase Agreement” and collectively, the “Purchase Agreements”) each dated July 17, 2025, among Talen Generation, LLC, an indirect wholly owned subsidiary of TEC, and affiliates of Caithness Energy, L.L.C.

In the event that (i) one or both of the Acquisitions have not been completed on or prior to 11:59 p.m. (New York City time) on July 17, 2026 (or, to the extent such date is automatically extended pursuant to the terms of the applicable Purchase Agreement, to January 17, 2027) (such date, as extended if applicable, the “Outside Date”), or (ii) prior to 11:59 p.m. (New York City time) on the Outside Date, (a) we determine that one or both of the Acquisitions will not be consummated on or before the Outside Date or (b) one or both of the Purchase Agreements has been terminated (the earlier to occur of the events described in (i) or (ii), a “Triggering Event”), we will redeem the Notes pursuant to the terms of the related confidential offering circular. The consummation of the Acquisitions are not conditioned on each other.