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NRG Energy to price $250 million perpetual convertible preferred on Thursday
By Paul A. Harris
St. Louis, Aug. 9 - NRG Energy Inc. plans to price a $250 million offering of perpetual convertible preferred stock (issuer ratings B1/B+) on Thursday, according to a company source.
The stock will pay a 3 5/8% dividend and will come with 10 years of call protection.
NRG stated that it retains the first 50% of the upside and none of the downside.
The proceeds will ultimately be used to repurchase $250 million of outstanding common stock from an affiliate of Credit Suisse First Boston. NRG will initially repurchase about $229 million of its 8% high-yield notes at 108.0, satisfying its high-yield debt indenture, which will enable it to make the stock repurchase.
NRG is a Princeton, N.J., power producer.
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