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Talen Energy (OTCQX: TLNE) has launched a $600 million modified Dutch auction tender offer to repurchase its common stock at prices ranging from $116.00 to $122.00 per share. This initiative is part of a recently increased $1 billion share repurchase program.
The offer reflects the company's confidence in its future, supported by strong cash flows and recent strategic transactions, including the sale of its ERCOT generation portfolio and Cumulus data center campus. The tender offer will expire on June 27, 2024, with an early tender deadline on June 12, 2024.
If fully subscribed by the early tender date, the company will repurchase between 4.92 million and 5.17 million shares, representing 8.4% to 8.8% of its outstanding shares. Goldman Sachs & Co. is managing the offer.
Talen Energy announced that, effective May 17, 2024, its outstanding restricted shares of common stock issued under CUSIP No. 87422Q208 have been exchanged for unrestricted shares with CUSIP No. 87422Q109.
This exchange allows the shares to trade on the OTCQX Best Market, significantly increasing their liquidity.
Shareholders can now trade these shares without restriction, provided they comply with securities laws and OTCQX regulations.
Talen Energy reported strong Q1 2024 results, with $289 million in Adjusted EBITDA and $194 million in Adjusted Free Cash Flow. The company increased its 2024 guidance and share repurchase program to $1 billion. Key moves include selling its ERCOT fleet for $785 million and repricing Term Loans to save $13 million annually in interest. Talen's updated guidance reflects expected EBITDA of $600-$800 million and Free Cash Flow of $160-$310 million. The company remains focused on capital allocation and shareholder returns, supported by robust hedging activities and a strong balance sheet with $1.895 billion in liquidity.
Talen Energy announced a successful repricing of its Term Loan B and Term Loan C credit facilities, resulting in a reduction of the interest rate margin by 100 basis points and expected annual interest expense savings of approximately $13 million. The company also obtained amendments to increase its capacity for dispositions, restricted payments, and investments. This positive transaction reflects Talen's strong balance sheet and capital allocation flexibility.
CPS Energy has closed the acquisition of Talen Energy's 1,710 MW generation portfolio in Texas for $785 million, strengthening its generation plan for the greater San Antonio community. The acquisition includes natural gas plants in Corpus Christi and Laredo, aligning with CPS Energy's shift towards more efficient gas generation, solar, wind, and energy storage.
Talen Energy has updated the timing for the proposed public uplisting of its common stock, awaiting SEC completion of the review of the Registration Statement after reporting financial and operational results.
Talen Energy (OTCQX: TLNE) announced a plan to enable restricted shares of common stock to trade on the OTCQX. The exchange of restricted shares for unrestricted shares will increase liquidity for shareholders, allowing trading without restriction.