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NRG Energy sees early tenders of $789.6 million 6 5/8% notes due 2023
By Wendy Van Sickle
Columbus, Ohio, Dec. 13 – NRG Energy, Inc. said it received early tenders of $789.62 million, or 90.84%, of its $869.2 million principal amount of outstanding 6 5/8% senior notes due 2023 by the consent deadline, 5 p.m. ET on Dec. 13.
NRG relaunched the offer on Nov. 30 after previously having launched and then pulled the offer earlier that month.
The tender offer will run until 11:59 p.m. ET on Dec. 28.
The total purchase price will be $1,036.25 per $1,000 principal amount of notes tendered by the consent deadline, which includes the consent payment of $30.00 per $1,000 principal amount.
For notes tendered after the consent date, the purchase price will be $1,006.25 per $1,000 principal amount.
Holders also will receive accrued interest up to but excluding the payment date.
NRG will purchase the notes using proceeds of a concurrent private placement of $870 million principal amount of senior notes due 2028 as well as with cash on hand, according to a company announcement.
The issuer also was soliciting the consents to amend the notes to eliminate substantially all of the restrictive covenants and some events of default and to reduce the notice period required to call the notes. Having received sufficient consents for the amendments, a supplemental indenture has been executed, the company updated on Wednesday.
NRG plans to call any notes that remain outstanding after the offer ends.
The tender offer was contingent upon the issue of at least $870 million of new notes before the early settlement date, which condition was met when the company settled $870 million of 5¾% notes due 2028 on Dec. 7.
D.F. King & Co., Inc. (800 269-6427 or 212 269-5550) is the information agent. Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager and solicitation agent.
NRG is a Princeton, N.J.-based wholesale power-generation company.
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