Goldman Sachs Serves as Initial Purchaser in Dynegy’s $850 Million Senior Notes Offering

August 22, 2017

NEW YORK – Paul Hastings LLP, a leading global law firm, advised Goldman Sachs & Co. LLC (“Goldman Sachs”) as representative for the initial purchasers in the private offering of $850 million aggregate principal amount of 8.125% senior notes due 2026 by Dynegy Inc. (“Dynegy”).
Concurrently with this offering, Paul Hastings represented Goldman Sachs, as Dealer Manager, in connection with a cash tender offer by Dynegy (the “Offer”) for up to a total of $1.25 billion aggregate principal amount of its outstanding 6.75% senior notes due 2019 (the “2019 Notes”). As of August 18, 2017, $974,744,000 aggregate principal amount of the outstanding 2019 Notes were validly tendered.

Dynegy intends to use the proceeds of the offering, together with approximately $480 million of cash received in July 2017 in connection with the sale of its Armstrong and Troy plants and approximately $200 million of other cash-on-hand, (i) to pay the consideration in connection with the Offer and/or a conditional notice of redemption to redeem the same principal amount of 2019 Notes not repurchased in the Offer, (ii) to prepay $200 million of Dynegy’s outstanding senior secured term loan, (iii) to pay related fees and expenses and (iv) for general corporate purposes.

The Paul Hastings team was led by Leveraged Finance partners John Cobb and Peter Schwartz, and included associates Jason Ewart, Cecilia Wang, Matthew Bartlett and Bianca Lee.

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