NRG Energy tenders for any and all 8½% notes, 7 5/8% notes

By Jennifer Chiou

New York, April 4 - NRG Energy, Inc. announced the launch of its cash tender offer for any and all of its $298,548,000 of 8½% senior notes due 2019 and its $708,522,000 of 7 5/8% senior notes due 2019.

The company said it will use proceeds from its $1 billion issuance of new senior notes due 2024 to fund the offer in addition to cash on hand.

At the same time, NRG is soliciting from holders to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default and related provisions.

For each $1,000 principal amount, the company is offering $1,052.50 for the 8½% notes and $1,042 for the 7 5/8% notes, each including an early tender payment of $30.00 payable to those who tender prior to 5 p.m. ET on April 17.

The offer will end at 11:59 p.m. ET on May 1.

Global Bondholder Services Corp. is the information agent (866 488-1500 or call collect 212 430-3774). Citigroup Global Markets Inc. is the dealer manager (800 558-3745 or call collect 212 723-6106).

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

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