Talen Energy Corp
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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11. Long-Term Debt and Other Credit Facilities
- Long-Term Debt and Other Credit Facilities
TES is the borrower/issuer under all the Company’s debt and credit facilities. As of March 31, 2025, TES was not in default under any of its debt or credit agreements.
Long-Term Debt
| Interest Rate (a) | March 31,2025 | December 31,2024 | |
|---|---|---|---|
| TLB-1 | 6.82 % | $855 | $857 |
| TLB-2 | 6.82 % | 848 | 850 |
| Secured Notes | 8.63 % | 1,200 | 1,200 |
| PEDFA 2009B Bonds | 5.25 % | 50 | 50 |
| PEDFA 2009C Bonds | 5.25 % | 81 | 81 |
| Total principal | 3,034 | 3,038 | |
| Unamortized deferred financing costs and original issuance discounts | (42) | (34) | |
| Total carrying value | 2,992 | 3,004 | |
| Less: long-term debt, due within one year | 17 | 17 | |
| Long-term debt | $2,975 | $2,987 |
(a)Computed interest rate as of March 31, 2025.
Long-term debt maturities as of March 31, 2025 were:
| 2025 (a) | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | |||||
| Principal debt maturities | $13 | $17 | $17 | $17 | $17 | $2,953 | $3,034 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
(a)For the period from April 1 through December 31, 2025.
Revolving Credit and Other Facilities
| March 31, 2025 · December 31, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Maturity | Committed Capacity (a) | Direct Cash Borrowings | LCs Issued | Unused Capacity | Direct Cash Borrowings | LCs Issued | Unused Capacity | |
| RCF | December 2029 | $700 | $— | $— | $700 | $— | $— | $700 |
| LCF | December 2026 | 900 | — | 425 | 475 | — | 374 | 526 |
| Total | $1,600 | $— | $425 | $1,175 | $— | $374 | $1,226 | |
(a)RCF committed capacity can be used for direct cash borrowings and (or) LCs. Direct cash borrowings are not permitted under the LCF, which can only be used for LCs.
In December 2024, the TLC LCF and Bilateral LCF were terminated. However, as certain LCs remained outstanding under these facilities pending their transition to the LCF, corresponding backstop LCs were issued under the LCF. As of March 31, 2025 and December 31, 2024, the amounts of such backstop LCs issued under the LCF were $81 million and $297 million, respectively (which are included in the totals above).
Recent Transactions
Secured Notes. In January 2025, the Indenture governing the Secured Notes was amended to, among other things: (i) modify certain provisions, including certain covenants and related definitions, in order to substantially conform to the corresponding amendments to the Credit Agreement obtained in the December 2024 transactions discussed in Note 13 to the Annual Financial Statements; and (ii) waive TES’s right to optionally redeem up to 10% of the Secured Notes at a price of 103% of par prior to June 1, 2025.
Other Material Terms; Security Interests
See Note 13 to the Annual Financial Statements for a description of the other material terms of the obligations outlined above and for additional information on the security interests and guarantees supporting these obligations. In addition to the obligations outlined under “Long-Term Debt” and “Revolving Credit and Other Facilities” above, secured obligations included approximately $119 million under Secured ISDAs as of March 31, 2025.
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