Constellation extends exchange offers until July 10, 2026
Constellation Energy Generation extended the expiration date for its offers to exchange outstanding unregistered notes for new registered notes. The exchange offers, which were initially set to expire on June 24, 2026, will now terminate at 5:00 p.m. New York City time on July 10, 2026. Tendered amounts for the 4.625% Notes due 2029, 5.000% Senior Notes due 2031, and 3.750% Notes due 2031 were approximately 99.89%, 99.97%, and 99.71% of the aggregate principal amounts outstanding, respectively.
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Constellation Energy Generation, LLC has extended the expiration date for its offers to exchange outstanding unregistered notes for new registered notes. The exchange offers, which were initially set to expire on June 24, 2026, will now terminate at 5:00 p.m., New York City time, on July 10, 2026, unless further extended. All other terms and conditions of the offers remain unchanged.
Tender Status
As of the initial expiration deadline, significant portions of the outstanding notes had been validly tendered and not withdrawn. U.S. Bank Trust Company, National Association, acting as the exchange agent, reported the following principal amounts tendered for each series of notes.
| Security | 144A CUSIP Number | Reg S CUSIP Number | Aggregate Principal Amount Outstanding | Principal Amount Tendered | Approximate Percentage of Notes Tendered |
|---|---|---|---|---|---|
| 4.625% Senior Notes due 2029 | 210385AG5 | U20975AA3 | $646,822,000 | $646,122,000 | 99.89% |
| 5.000% Senior Notes due 2031 | 210385AJ9 | U20975AB1 | $847,655,000 | $847,424,000 | 99.97% |
| 3.750% Notes due 2031 | 210385AL4 | U20975AC9 | $795,179,000 | $792,849,000 | 99.71% |
Regulatory Background
A Form S-4 registration statement related to the exchange offers was declared effective by the Securities and Exchange Commission on April 30, 2026. The extension provides additional time for holders of remaining outstanding unregistered notes to participate in the exchange. The offers are for the exchange of any and all outstanding unregistered notes originally issued in private offerings for equal principal amounts of new notes registered under the Securities Act of 1933.
What factors are preventing the remaining small percentage of note holders from tendering their securities?
How will the successful exchange of these notes impact Constellation Energy's future liquidity and borrowing costs?
Will the company pursue similar exchange offers for other series of outstanding unregistered notes?
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