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NRG Energy gets tenders for $593.45 million of 6¼% notes due 2024
By Marisa Wong
Morgantown, W.Va., May 14 – NRG Energy, Inc. said holders had tendered $593,451,000, or 80.9%, of its $733.6 million outstanding 6¼% senior notes due 2024 as of 5 p.m. ET on May 13, the expiration of its previously announced cash tender offer for any and all of the notes.
That amount excludes $398,000 of notes that remain subject to guaranteed delivery procedures, according to a press release.
NRG said it expects to accept for payment all of the tendered notes. Settlement will be on May 14, subject to the offer’s financing condition being met.
Payment for the notes tendered under guaranteed delivery procedures will be made on May 16.
As announced on May 7, holders will receive a total consideration of $1,033.75 per $1,000 principal amount plus any accrued interest up to but excluding the settlement date.
The company will use proceeds from a concurrent private placement of senior notes due 2029, along with cash on hand, to fund the purchase of the existing notes.
The tender offer is not conditioned on any minimum amount of notes being tendered but is contingent on NRG raising at least $733 million in gross proceeds from the offering of new notes.
NRG plans to redeem any 2024 notes not purchased under the tender offer at a price of 103.125 plus accrued interest, if any, to the redemption date.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424), Credit Agricole Securities (USA) Inc. (866 807-6030 or 212 261-7802) and MUFG Securities Americas Inc. (877 744-4532 or 212 405-7481) will act as joint dealer managers for the tender offer.
D.F. King & Co., Inc. (800 755-3105 or 212 269-5550, nrg@dfking.com or www.dfking.com/nrg) is the information agent.
The power company is based in Princeton, N.J.
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