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BofA, Goldman Arrange $60MM Facility for NRG Energy Subsidiary

July 23, 2013, 07:17 AM
Filed Under: Energy

NRG Yield, a subsidiary of NRG Energy, Inc., has closed its previously announced initial public offering of 19.575 million shares of its Class A common stock at a price of $22.00 per share. In connection with the initial public offering, the underwriters exercised in full their option to purchase an additional 2,936,250 shares of Class A common stock from NRG Yield. As a result, the total initial public offering size was 22,511,250 shares.

Concurrent with the closing of the initial public offering, NRG Yield Operating, an indirect subsidiary of NRG Yield, entered into a $60 million revolving credit facility, which has not been drawn.

BofA Merrill Lynch, Goldman, Sachs & Co. and Citigroup acted as joint book runners for the initial public offering. Barclays, KeyBanc Capital Markets, Mitsubishi UFJ Securities, RBC Capital Markets, Credit Suisse and Deutsche Bank Securities acted as co-managers.

NRG Yield received proceeds, net of underwriting discounts and commissions, of approximately $468 million from the offering. NRG Yield intends to use the net proceeds of this offering to purchase a portion of the equity interests in NRG Yield LLC, which holds the NRG Yield assets, from NRG Energy, Inc. NRG Yield LLC intends to use the proceeds received for general corporate purposes.

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