<SEC-DOCUMENT>0001193125-15-131775.txt : 20150601
<SEC-HEADER>0001193125-15-131775.hdr.sgml : 20150601
<ACCEPTANCE-DATETIME>20150415205805
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-131775
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150415

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Talen Energy Corp
		CENTRAL INDEX KEY:			0001622536
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				471197305
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		TWO NORTH NINTH STREET
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18101
		BUSINESS PHONE:		(610) 744-5151

	MAIL ADDRESS:	
		STREET 1:		TWO NORTH NINTH STREET
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Talen Energy Holdings, Inc.
		CENTRAL INDEX KEY:			0001622537
		IRS NUMBER:				471180131
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		TWO NORTH NINTH STREET
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18101
		BUSINESS PHONE:		(610) 744-5151

	MAIL ADDRESS:	
		STREET 1:		TWO NORTH NINTH STREET
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18101
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>SEC Correspondence</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">April&nbsp;15, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA COURIER AND EDGAR </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="right">Re:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Talen Energy Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Talen Energy
Holdings, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Registration Statement on Form S-1</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Submitted
November&nbsp;5, 2014</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>File Nos. 333-199888 and 333-199888-01</U></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mara L. Ransom </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assistant
Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Ransom: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of
Talen Energy Corporation and Talen Energy Holdings, Inc. (collectively, &#147;Talen Energy&#148;), we hereby transmit via EDGAR for filing with the Securities and Exchange Commission (the &#147;SEC&#148;) Pre-Effective Amendment No.&nbsp;3
(&#147;Amendment No.&nbsp;3&#148;) to the above-referenced Registration Statement. The Registration Statement has been revised in response to the comments from the staff (the &#147;Staff&#148;) of the Division of Corporation Finance of the SEC and
to reflect certain other changes. We have also sent to your attention via courier courtesy copies of Amendment No.&nbsp;3 marked to show changes from the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, we are providing the following responses to the Staff&#146;s comment letter, dated April&nbsp;9, 2015, regarding the Registration
Statement. To assist your review, we have </P>

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<TD VALIGN="top">S<SMALL>ECURITIES</SMALL> <SMALL>AND</SMALL> E<SMALL>XCHANGE</SMALL> C<SMALL>OMMISSION</SMALL></TD>
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<TD VALIGN="top" ALIGN="right">April 15, 2015</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">retyped the text of the Staff&#146;s comments in italics below. Please note that all references to page
numbers in our responses refer to the page numbers of Amendment No.&nbsp;3. Capitalized terms used and not otherwise defined in this letter have the meanings assigned to such terms in Amendment No.&nbsp;3. The responses and information described
below are based upon information provided to us by Talen Energy. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note that Article XI of your Amended and Restated Certificate of Incorporation, filed as Exhibit 3.1, includes an exclusive forum provision. Please include disclosure on page 208 and the risk factor section,
regarding this exclusive forum provision and discuss the effect of such provision on investors.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Talen Energy has revised its disclosure on pages 55 and 212 to address the Staff&#146;s comment. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Pro Forma
Condensed Combined Balance Sheet, page 98 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note the pro forma financial statements include the anticipated disposal of certain generating facilities for cash at carrying value as disclosed in Note 2, pro forma adjustment (c)&nbsp;on page 104. As a result,
we are unable to reconcile the net pro forma cash and cash equivalents of $712 million. Please revise the cash and cash equivalent pro forma adjustments to depict cash on a gross basis rather than a net basis.</I> </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Talen Energy has revised Note 2, pro forma adjustment (c)&nbsp;on page 105 to show the gross increase in cash from the anticipated disposal of certain generating facilities. Additionally, management has added a Note 4
on page 107 presenting a table reconciling the cash and cash equivalents pro forma adjustments including an additional adjustment to reflect the distribution from Energy Supply to PPL from your comment 3 below. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 3. Items Excluded from the Unaudited Pro Forma Financial Information and Unusual Items, page 105 </U></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please tell us your consideration of including a pro forma adjustment for the planned distribution from Energy Supply to PPL. In this regard, we note the pro forma adjustment made to reflect the expected distribution
by RJS Power in the amount of $55 million and that the terms of the agreements appear to provide for distributions, within certain limits, by both Energy Supply and RJS Power. Reference is made to SAB Topic 1:B.</I> </TD></TR></TABLE>

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<TD VALIGN="top" ALIGN="right">April 15, 2015</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top">In consideration of the guidance in SAB Topic 1:B and that the Energy Supply distribution was declared and made in the first quarter of 2015, Talen Energy has revised Note 2, pro forma adjustment (i)&nbsp;on page 106 to
include a $191 million distribution from Energy Supply to PPL. </TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </B></P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to call Andrew R. Keller at 212-455-3577 with any questions or further
comments you may have regarding this filing or if you wish to discuss the above responses. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top">/s/ Simpson Thacher&nbsp;&amp; Bartlett LLP</TD></TR>
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<TD VALIGN="top">SIMPSON THACHER&nbsp;&amp; BARTLETT LLP</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Securities and Exchange Commission </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;Donna Di Silvio </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;Yolanda Guobadia </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;Jennifer L&oacute;pez </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Talen Energy Corporation </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Talen Energy Holdings, Inc. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;Paul A. Farr </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">PPL Corporation </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;Frederick C. Paine, Esq. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Vinson&nbsp;&amp; Elkins LLP </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;E. Ramey Layne, Esq. </TD></TR></TABLE>
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