NRG Energy wraps tenders for $797.21 million of 6 5/8% notes due 2023

By Marisa Wong

Morgantown, W.Va., Dec. 29 – NRG Energy, Inc. announced the final results of its tender offer to purchase any and all of its $869.2 million outstanding 6 5/8% senior notes due 2023.

As of 11:59 p.m. ET on Dec. 28, the expiration of the offer, a total of $797,206,000 of the notes were tendered and accepted for purchase, including $789.62 million that were tendered by the consent deadline at 5 p.m. ET on Dec. 13 and accepted for purchase on Dec. 14.

NRG relaunched the offer on Nov. 30 after having launched and then pulled the offer earlier that month, as previously reported.

The total purchase price was $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.

Holders who tendered their notes after the consent date received $1,006.25 per $1,000 principal amount.

In addition, holders received accrued interest up to but excluding the payment date.

On Friday NRG also announced that it redeemed the remaining $72,034,000 of notes not tendered in the offer. Those notes were redeemed at 103.313 plus accrued interest to the redemption date.

The company purchased the notes using proceeds of a concurrent private placement of senior notes as well as with cash on hand, according to a previous announcement.

The tender offer was contingent on the issuance of at least $870 million of new notes before the early settlement date. That condition was met when the company settled $870 million of 5¾% notes due 2028 on Dec. 7.

In connection with the tender offer, the issuer solicited 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 as of the consent date, the company executed a supplemental indenture, according to a previous update.

D.F. King & Co., Inc. (800 269-6427 or 212 269-5550) was the information agent. Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) was the dealer manager and solicitation agent.

NRG is a Princeton, N.J.-based wholesale power-generation company.

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