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NRG Energy, Inc. (NYSE:NRG) has priced its concurrent offerings of (1) senior secured first lien notes (the "Secured Notes Offering"), consisting of (i) $625 million aggregate principal amount of 4.734% senior secured first lien notes due 2030 (the "2030 Notes") and (ii) $625 million aggregate principal amount of 5.407% senior secured first lien notes due 2035 (the "2035 Notes" and, together with the 2030 Notes, the "Secured Notes") and (2) senior unsecured notes (the "Unsecured Notes Offering" and, together with the Secured Notes Offering, the "Offerings"), consisting of (i) $1,250 million aggregate principal amount of 5.750% senior notes due 2034 (the "2034 Notes") and (ii) $2,400 million aggregate principal amount of 6.000% senior notes due 2036 (the "2036 Notes" and, collectively with the Secured Notes and the 2034 Notes, the "Notes").
The Notes will be guaranteed by each of NRG's current and future wholly-owned U.S. subsidiaries that guarantee the term loans under NRG's credit agreement. The Secured Notes will be secured by a first priority security interest in the same collateral that is pledged for the benefit of the lenders under NRG's credit agreement, which collateral consists of a substantial portion of the property and assets owned by NRG and the guarantors.
NRG intends to use a portion of the net proceeds from the Offerings to partially fund the cash portion of the purchase price of its previously announced acquisition (the "LSP Acquisition") of the issued and outstanding equity interests of Lightning Power, LLC, Linebacker Power Holdings, LLC, CSS Intermediate HoldCo, LLC and Jack County Power Development, LLC. In addition, NRG intends to use a portion of the net proceeds from the offering of the 2035 Notes to repay in full its $500 million aggregate principal amount of 2.000% senior secured first lien notes on the maturity date on December 2, 2025.
The consummation of the Secured Notes Offering is not conditioned upon the completion of the Unsecured Notes Offering or vice versa.
Posted In: NRG
