Dynegy Inc. -- Moody's affirms Dynegy's B2 CFR; assigns Ba3 rating to $2 billion secured term loan; outlook is stable

New York, June 15, 2016 -- Moody's Investors Service, ("Moody's") today assigned a Ba3 rating and LGD2 (23%) loss given default rating to Dynegy Inc's (Dynegy) proposed $2 billion senior secured term loan. The B2 corporate family rating (CFR), Ba3 senior secured bank credit facility rating, B3 senior unsecured rating and SGL-2 speculative grade liquidity (SGL) rating are all affirmed. The outlook is stable. The LGD4 (66%) loss given default rating on the unsecured bonds was lowered to LGD5 (73%) due to the addition of a substantial amount of secured debt to the capital structure. The proceeds from the new secured term loan, along with a $400 million Tangible Equity Unit (TEU) issuance, a $150 million equity investment in Dynegy by the private equity firm Energy Capital Partners (ECP), $450 million in revolver draws and about $340 million in cash will be used to purchase an 9.1 GW portfolio of gas and coal fired assets from GDF-Suez Energy North America Inc, an unrated subsidiary of Engie S.A. (Engie, A2 stable) for $3.3 billion.

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