Dynegy Announces Early Cash Tender Offer Results

HOUSTON–(BUSINESS WIRE)–Dynegy Inc. (NYSE: DYN) announced the early results of its previously
announced cash tender offer (Tender Offer) to purchase up to a total of
$1.25 billion aggregate principal amount of its outstanding 6.75% senior
notes due 2019 (Securities), subject to certain terms and conditions.

The following table presents the aggregate principal amount of
Securities accepted and not validly withdrawn as of 5:00 pm New York
City time, on August 18, 2017 (Early Tender Date), and the consideration
paid for such Securities:

Title of Security

CUSIP/ISIN Numbers

Principal Amount Outstanding

Aggregate Principal Amount Tendered as of the Early Tender Date

Total Consideration(1)

6.75% Senior Notes due 2019

26817R AM0 US26817RAM07

$2,100,000,000

$974,744,000

$1,036

(1) Payment per $1,000 principal amount of Securities. Excludes accrued
and unpaid interest up to, but not including, the Early Settlement Date
(as defined below), which will be paid in addition to the Total
Consideration (as defined below), which includes the early tender
premium of $30 per $1,000 principal amount of Securities (Early Tender
Premium).

Dynegy has accepted for purchase all of the Securities validly tendered
at or prior to the Early Tender Date, and the settlement date for such
Securities occurred on August 21, 2017 (Early Settlement Date). Holders
who have not tendered their Securities as of the Early Tender Date are
eligible to tender their Securities at or prior to 11:59 pm, New York
City time, on September 1, 2017 (such date and time, as it may be
extended by Dynegy, the Expiration Date) and receive the Total
Consideration noted in the table above, less the Early Tender Premium,
plus accrued and unpaid interest. Securities tendered after the Early
Tender Date and at or prior to the Expiration Date may not be withdrawn,
unless Dynegy is required to extend withdrawal rights under applicable
law.

Goldman Sachs & Co. LLC is the Dealer Manager and D.F. King & Co., Inc.
is the Information Agent and the Tender Agent in connection with the
Tender Offer. Questions regarding the Tender Offer may be directed to
Goldman Sachs & Co. LLC at 800.828.3182 (toll free) or 212.357.1057
(collect). Requests for the Offer to Purchase may be directed to D.F.
King & Co., Inc. at 866.828.6934 (toll free) or 212.269.5550 (collect)
or by email at [email protected].

Dynegy is making the Tender Offer only by, and pursuant to, the terms of
the August 7, 2017 Offer to Purchase. None of Dynegy, our board of
directors, the Dealer Manager, the Tender Agent, or the Information
Agent is making any recommendation as to whether holders should tender
any Securities in the Tender Offer. Holders must make their own decision
as to whether to tender any of their Securities, and, if so, the
principal amount of Securities to tender. The Tender Offer is not being
made to holders of Securities in any jurisdiction or in any
circumstances in which such offer or solicitation is unlawful. In those
jurisdictions where the securities, blue sky or other laws require the
Tender Offer to be made by a licensed broker or dealer, the Tender Offer
will be deemed to be made on behalf of us by the Dealer Manager or one
or more registered brokers or dealers licensed under the laws of such
jurisdiction.

This news release does not constitute an offer to purchase securities or
a solicitation of an offer to sell any securities or an offer to sell or
the solicitation of an offer to purchase any new securities, nor does it
constitute an offer or solicitation in any jurisdiction in which such
offer or solicitation is unlawful.

ABOUT DYNEGY

At Dynegy, we generate more than just power for our customers. We are
committed to being a leader in the electricity sector. Throughout the
Northeast, Mid-Atlantic, Midwest and Texas, Dynegy operates power
generating facilities capable of producing more than 28,000 megawatts of
electricity—or enough energy to power about 22 million American homes.
We’re proud of what we do, but it’s about much more than just output.
We’re always striving to generate power safely and responsibly for our
wholesale and retail electricity customers who depend on that energy to
grow and thrive.

FORWARD-LOOKING STATEMENTS

In addition to historical information, this news release includes
statements reflecting assumptions, expectations, projections,
intentions, or beliefs about future events that are intended as “forward
looking statements” within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. Words such as “anticipate,”
“estimate,” “project,” “forecast,” “plan,” “may,” “will,” “should,”
“expect,” and other words of similar meaning, or the negative of those
expressions, may identify forward-looking statements. These statements
represent our reasonable judgment of the future based on various factors
and using numerous assumptions and are subject to known and unknown
risks, uncertainties, and other factors that could cause our actual
results and financial position to differ materially from those
contemplated by the statements. Discussion of risks and uncertainties
that could cause actual results to differ materially from current
projections, forecasts, estimates and expectations of Dynegy is
contained in Dynegy’s filings with the Securities and Exchange
Commission. Specifically, Dynegy makes reference to, and incorporates
herein by reference, the section entitled “Risk Factors” in its 2016
Form 10-K and subsequent Form 10-Qs. Any or all of Dynegy’s
forward-looking statements may turn out to be wrong. They can be
affected by inaccurate assumptions or by known or unknown risks,
uncertainties and other factors, many of which are beyond Dynegy’s
control.

All forward-looking statements contained in this news release are
qualified in their entirety by this cautionary statement. We undertake
no obligation to update any forward-looking statements. Forward-looking
statements speak only as of the date they are or were made, and we do
not intend to update any forward-looking statements in order to reflect
any event or circumstance occurring after the date of this news release,
currently unknown facts or conditions or the occurrence of unanticipated
events, except as required by law.

Contacts

Dynegy Inc.
Media: Julius Cox, 713.767.5800
or
Analysts:
713.507.6466