TES is the borrower/issuer under all the Company’s debt and credit facilities. As of June 30, 2026, TES was not in default under any of its debt or credit agreements.


	Interest Rate (a)	June 30, 2026		December 31, 2025
TLB-1	5.39 %	$	844	$	848
TLB-2	5.39 %	837		842
TLB-3	5.64 %	1,194		1,200
Secured Notes	8.625 %	—		1,200
2031 Unsecured Notes	6.125 %	1,500		—
2033 Unsecured Notes	6.375 %	2,500		—
2034 Unsecured Notes	6.250 %	1,400		1,400
2036 Unsecured Notes	6.500 %	1,290		1,290
PEDFA 2009B Bonds	5.25 %	50		50
PEDFA 2009C Bonds	5.25 %	81		81
Total principal		9,696		6,911
Unamortized deferred financing costs and original issuance discounts		(124)		(100)
Total carrying value		9,572		6,811
Less: long-term debt, due within one year		29		29
Long-term debt		$	9,543	$	6,782

(a)Computed interest rate as of June 30, 2026, except the interest rate related to the Secured Notes which were redeemed in April 2026.


		June 30, 2026								December 31, 2025
	Maturity	Committed Capacity (a)		Direct Cash Borrowings		LCs Issued		Unused Capacity		Committed Capacity (a)		Direct Cash Borrowings		LCs Issued		Unused Capacity
RCF	December 2029	$	1,350	$	—	$	—	$	1,350	$	900	$	—	$	—	$	900
LCF	December 2029	1,500		—		598		902		1,100		—		448		652
Total		$	2,850	$	—	$	598	$	2,252	$	2,000	$	—	$	448	$	1,552

(a)RCF committed capacity can be used for direct cash borrowings and (or) LCs. Direct cash borrowings are not permitted under the LCF, which can only be used for LCs.

•A variable interest rate equal to the highest of: (i) the Federal Funds Effective Rate on such day plus 0.50%; (ii) The Wall Street Journal “U.S. Prime Rate;” or (iii) the one-month Adjusted Term SOFR Rate plus 1%; plus in each case, an applicable margin (0.50% with respect to the RCF and 0.75% with respect to the TLB-1 and TLB-2); or

•The Adjusted Term SOFR Rate, plus an applicable margin (1.50% with respect to the RCF and 1.75% with respect to the TLB-1 and TLB-2).

•In June 2026, in connection with the closing of the Cornerstone Acquisition, TES (i) upsized the existing RCF (including its revolving LC capacity) from $900 million to $1.35 billion; and (ii) upsized its existing $1.1 billion LCF to $1.5 billion and extended its maturity from December 2027 to December 2029.

•In May 2026, TES extended its TLB-1 maturity from May 2030 to November 2032. In connection with the TLB-1 extension, approximately $18 million is presented as “Interest expense and other finance charges” on the Consolidated Statement of Operations primarily consisting of the derecognition of TLB-1 capitalized original issuance discount and deferred financing costs.

Unsecured Notes due 2031 and 2033. In April 2026, TES issued in private placement transactions not involving a public offering, and each at par: (i) $1.5 billion in aggregate principal amount of 6.125% Senior Unsecured Notes due 2031, with interest payable on May 1 and November 1 of each year; and (ii) $2.5 billion in aggregate principal amount of 6.375% Senior Unsecured Notes due 2033, with interest payable on May 1 and November 1 of each year. The net proceeds from the issuance and sale of the Unsecured Notes due 2031 and 2033 were used to (i) fund the cash portion of the Cornerstone Acquisition; and (ii) redeem the Company’s outstanding Secured Notes.

Additionally, in June 2026, in connection with the closing of the Cornerstone Acquisition, TES entered into (i) First Supplemental Indentures to each of the indentures governing the Unsecured Notes due 2031 and 2033; and (ii) Second Supplemental Indentures to each of the indentures governing the Unsecured Notes due 2034 and 2036, in each case, to add the entities acquired or formed in connection with the Cornerstone Acquisition as subsidiary guarantors to each series of Unsecured Notes, respectively.

Secured Notes. In April 2026, TES redeemed in full the Company’s outstanding Secured Notes in aggregate principal amount of $1.2 billion, using a portion of the net proceeds from the issuance and sale of the Unsecured Notes due 2031 and 2033. In connection with the redemption, approximately $60 million is presented as “Interest expense and other finance charges” on the Consolidated Statement of Operations primarily consisting of a make-whole payments and the derecognition of capitalized deferred financing costs.

See Note 13 to the Annual Financial Statements for a description of the other material terms of the obligations outlined above and for additional information on the security interests and guarantees supporting these obligations. In addition to the obligations outlined under “Long-Term Debt” and “Revolving Credit and Other Facilities” above, secured obligations included approximately $892 million under Secured ISDAs as of June 30, 2026.