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NRG Announces Pricing of $1.9 Billion Term Loan B Facility

June 16, 2016, 07:39 AM
Filed Under: Energy
Related: Term Loan

NRG Energy, Inc. announced it has priced its proposed $1.9 billion term loan B facility. The term loans will be issued at a price equal to 99.50% of their face value, bear interest at a rate equal to LIBOR plus 2.75% (with LIBOR not less than 0.75%) and mature seven years from the date of issuance. The closing of the proposed new term loan B facility is expected to occur on or before June 30, 2016 and is subject to customary closing conditions. Proceeds from the financing along with cash on hand will be used to replace the Company’s existing term loan B facility and pay for transaction costs.

In connection with the term loan B facility, the company also expects to refinance and extend its existing revolving credit facility until 2021.

Once completed, the new term loan B and revolving credit facility, when taken together with the tender offer completed in June 2016 and open market repurchases, are expected to significantly reduce the outstanding balance of NRG-level debt due in 2018.

NRG is the leading integrated power company in the U.S., built on the strength of the nation’s largest and most diverse competitive electric generation portfolio and leading retail electricity platform.

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