Texas Competitive Elec Holdings Co LLC (DIP) -- Moody's assigns Baa3 rating to Texas Competitive Electric Holdings DIP facility

New York, May 07, 2014 -- Moody's Investors Service today assigned a Baa3 rating to the $533 million revolving debtor-in-possession credit facility (DIP revolver), $700 million debtor-in-possession term loan (DIP term loan), and $1.1 billion debtor-in-possession delayed-draw term LC credit facility (DIP DDLC facility) at Texas Competitive Electric Holdings Company LLC (TCEH) as per an Interim Order approved by the US Bankruptcy Court for the District of Delaware on May 2, 2014. The ratings primarily reflect the structural features of the DIP facility and the collateral coverage available to the DIP lenders. The collateral coverage and rating assumes the full $4.475 billion of the proposed DIP facility is eventually approved under a final bankruptcy court order, which is expected in early June. TCEH, its parent companies, and certain affiliates filed for bankruptcy protection under Chapter 11 on April 29, 2014. Moody's withdrew all previous ratings for TCEH on May 1, 2014 following the Chapter 11 bankruptcy filing.

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