NRG Energy to redeem 8% notes with $400 million convertible preferred issue

By Caroline Salls

Pittsburgh, Dec. 13 - NRG Energy Inc. said it plans to redeem a portion of its outstanding 8% second-priority notes due 2013 at 108% of par using proceeds from its issuance of $400 million of convertible perpetual preferred stock.

The company will redeem 24% of the $1.7 billion outstanding amount of the notes.

The preferred stock issuance will also enable NRG to use existing cash balances to buy back 13 million shares of common stock held by investment partnerships managed by MatlinPatterson Global Advisors LLC.

NRG Energy is a Princeton, N.J., owner and operator of power-generating facilities.

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