EFH Corporate Debt

Credit, Event Driven/Special Sit, Energy


Energy Future Holdings Corp (formerly TXU): Long First Lien TCEH Debt

Highlights

The presenter is bullish on the entire first lien class of Texas Competitive Electric Holdings (TCEH) debt, which in aggregate totals ~$25 billion and includes a first lien bond ($1.75 billion), 2014 term loan ($3.8 billion), 2017 term loan ($15.37 billion), and a few smaller tranches that make up the remainder. While his preference within the Parent Company (EFH) is for the generation company (TCEH) debt, there are numerous potential bets beyond the first lien that investors may find attractive.

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Idea Discussion

Commentor 1 - 2 weeks ago

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