08:13 AM EST, 12/05/2024 (MT Newswires) -- Talen Energy ( TLN ) said Thursday it has increased a Term Loan B credit facility to around $1.46 billion from $859 million and plans to replace an existing Term Loan C facility with a new letter of credit facility.

The energy infrastructure company also said it will buy back $600 million of its common stock from Rubric Capital Management at a 4% discount to the 15-day volume-weighted average price prior to the closing of the repurchase.

Talen will use the new funding and cash on hand to finance the $600 million share repurchase. Talen said the buyback is part of a previously announced repurchase program, which, will have around $1.2 billion of its remaining capacity available through 2026 following the transaction.

The financing and repurchase transactions are expected to close by Dec. 31.

Shares were over 1% higher in recent premarket activity.