The Firm recently represented Texas Competitive Electric Holdings Company LLC (“TCEH”), a subsidiary of Energy Future Holdings Corp. (“EFH Corp.”), formerly known as TXU Corp., in a refinancing and extension of the maturities in a portion of its capital structure.  To effect these changes, TCEH entered into an extension amendment with certain lenders under its existing senior secured credit facilities pursuant to which the maturity date was extended on approximately $1.38 billion of revolving commitments, $15.4 billion of term loans and $1 billion deposit letter of credit loans under such senior secured credit facilities.  TCEH also issued $1.725 billion aggregate principal amount of new 11.5% Senior Secured Notes due 2020 in reliance on Rule 144A and Regulation S. TCEH used the net proceeds of the debt offering, together with cash on hand, to repay term loans, deposit letter of credit loans and revolving loans (and permanently reduce certain revolving commitments) under its senior secured credit facilities and to pay related fees and expenses.  The Firm also represented Energy Future Intermediate Holding Company LLC, a subsidiary of EFH Corp., in an issuance of 11% Senior Secured Second Lien Notes due 2021 in an exchange offer for existing debt of EFH Corp.

TCEH is a Dallas, Texas-based company involved in competitive electricity market activities including electrify generation, wholesale energy sales and purchases, commodity risk management and trading activities and retail electricity sales. KKR, TPG and Goldman Sachs indirectly own approximately 60% of EFH Corp.’s capital stock on a fully-diluted basis.

The Simpson Thacher team for these transactions included Ed Tolley, Kirsten Davis, Paige Fleming and Matthew Levy (Capital Markets), James Cross, Brian Steinhardt, Brett Pearlman and Andrew Wolstan (Banking and Credit), Erik Hepler (Collateral), Nancy Mehlman and Jason Volbracht (Tax). Paralegal Drew Olson provided valuable assistance.

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