Talen Energy Corporation (NASDAQ: TLN) announced that its subsidiary Talen Energy Supply has priced $4 billion in senior notes through private placement transactions. The offering consists of $1.5 billion in 6.125% senior notes due 2031 and $2.5 billion in 6.375% senior notes due 2033.

The notes issuance is expected to close on April 29, 2026, subject to customary closing conditions. Talen Energy plans to use the proceeds to fund an acquisition of 2,451 megawatts of power generation capacity and to redeem outstanding debt.

The acquisition includes three power facilities: the Lawrenceburg Power Plant with 1,120 megawatts of capacity, the Waterford Energy Center with 875 megawatts, and the Darby Generation Station with 456 megawatts. The company also intends to use proceeds to fully redeem its outstanding 8.625% Senior Secured Notes due 2030.

The acquisition is being conducted under a merger agreement dated January 15, 2026, with Cornerstone Generation Holdings and its affiliates. If the acquisition is not completed by January 15, 2027, which can be extended to July 15, 2027, the notes will be subject to special mandatory redemption.

Under the redemption provision, $1.05 billion of the 2031 notes and $1.75 billion of the 2033 notes would be redeemed at 100% of issue price plus accrued interest if the acquisition deadline is not met.

The notes were sold only to qualified institutional buyers and accredited investors under Securities Act exemptions. The securities have not been registered under federal or state securities laws.