NRG gets early tenders for 24.67% of 8½% notes, 47.57% of 7 5/8% notes

By Susanna Moon

Chicago, April 21 - NRG Energy, Inc. gave the early tender results for two series of notes as of 5 p.m. ET on April 17.

Investors had tendered $73,665,000 principal amount, or 24.67%, of its $298,548,000 of 8½% senior notes due 2019 and $337,044,000 principal amount, or 47.57%, of its $708,522,000 of 7 5/8% senior notes due 2019.

The tendered notes will be settled on April 21, according to a company press release.

As previously announced, NRG also is soliciting consents from holders to amend the note indenture to eliminate substantially all of the restrictive covenants and some events of default and related provisions.

The total purchase price for each $1,000 principal amount is $1,052.50 for the 8½% notes and $1,042 for the 7 5/8% notes. The total amounts include an early tender payment of $30.00 for each $1,000 of notes tendered by the early tender date.

The tender offer will continue until 11:59 p.m. ET on May 1. The offer began on April 4. Tendered notes may no longer be withdrawn, as of the early tender deadline.

The company previously 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.

NRG said it plans to redeem any notes that remain outstanding after completion of the tender offer.

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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