Talen Energy Corporation announced the successful completion of a favorable repricing (the Repricing) of its existing $863 million Term Loan B credit facility and its $470 million Term Loan C credit facility (collectively, the Term Loans). The new applicable rate for the Term Loans is the Secured Overnight Financing Rate (SOFR) plus 350 basis points, which reduces the interest rate margin by 100 basis points. The Repricing also reduces the applicable SOFR floor from 50 to 0 basis points.

This transaction is expected to result in interest expense savings to Talen of approximately $13 million annually. In conjunction with the Repricing, Talen obtained certain amendments increasing its capacity for dispositions, restricted payments and investments under its primary credit agreement, along with a waiver of any mandatory prepayment of the Term Loans with proceeds from the previously announced sale of its approximately 1.7-gigawatt Texas generation portfolio, providing Talen with additional capital allocation flexibility.