NRG Energy, Inc. Announces Final Results and Expiration of its Cash Tender Offers
June 07 2016 - 10:45AM
Business Wire
NRG Energy, Inc. (NYSE:NRG) announced today the final results
and expiration of its previously announced tender offers (the
“Tender Offers”) to purchase certain of its outstanding senior
notes (the “Notes”).
The table below sets forth the final results of the Tender
Offers, according to information provided by the tender agent, as
of 11:59 p.m., New York City time, on June 6, 2016 (the “Expiration
Deadline”):
Aggregate
Principal
Principal
Principal
Amount of
Amount of
Tender
Amount
Notes
Notes
Offer Cap,
Outstanding
Tendered
Accepted
as amended
Total Payment
Title of
Notes
(in
millions)
(in
millions)
(in
millions)
(in
millions)
(in
millions)(1)
Fixed-Price
Tender Offers
7.625% Senior Notes due 2018 $954 $550 $367(2) $400 $410 8.250%
Senior Notes due 2020 $1,058 $524 $239 $250 $254 7.875% Senior
Notes due 2021 $1,128 $620 $240 $250 $250
Dutch Auction
Tender Offer
6.250% Senior Notes due 2022 $1,060 $214 $68 $200 $69 6.625% Senior
Notes due 2023 $898 $144 $29 $29 6.250% Senior Notes due 2024 $838
$224 $105 $104 __________ (1) Includes the total
consideration and accrued and unpaid interest. (2) Includes
approximately $275 million aggregate principal amount of 2018 Notes
tendered as of the Early Tender Deadline and accepted for purchase.
All Notes (other than 2018 Notes) validly tendered and not
validly withdrawn pursuant to the Tender Offers at or prior to the
“Early Tender Deadline” of 5:00 p.m., New York City time, on May
20, 2016 were subject to proration and settled by NRG on May 25,
2016. As a result of the Tender Offers being oversubscribed at the
Early Tender Deadline, no Notes tendered after the Early Tender
Deadline were accepted for purchase, with the exception of 2018
Notes tendered after the Early Tender Deadline (subject to the
increased tender caps and amended proration methodology regarding
the 2018 Notes as set forth in NRG’s press release dated May 23,
2016). With respect to the 2018 Notes, approximately
$275 million aggregate principal amount of such notes tendered
as of the Early Tender Deadline were accepted for purchase, after
proration based on the $300 million initial tender offer cap
for the 2018 Notes (the “Initial 2018 Notes Cap”). The excess
amount of 2018 Notes tendered as of the Early Tender Deadline
remaining after initial proration plus the aggregate amount of 2018
Notes tendered after the Early Tender Deadline were eligible for
acceptance subject to proration based on the difference between the
Initial 2018 Notes Cap and the increased tender offer cap for 2018
Notes announced on May 23, 2016, or $100 million. As a result, NRG
has accepted for purchase approximately $92 million aggregate
principal amount of additional 2018 Notes. Notes tendered and not
accepted for purchase will be promptly returned or credited to the
applicable holders account.
Holders of 2018 Notes who tendered such notes after the Early
Tender Deadline will not receive the early participation amount of
$30.00 per $1,000 principal amount of the Notes (the “Early
Participation Amount”).
This press release is for informational purposes only and is
not an offer to buy, nor the solicitation of an offer to sell any
of the Notes. The Tender Offers were made solely by NRG’s
Offer to Purchase, as amended by NRG’s press release dated May 23,
2016 increasing the tender offer cap for the 2018 Notes and the
maximum tender offer cap and amending the proration methodology for
the 2018 Notes.
About NRG
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. A Fortune 200 company, NRG creates value
through best in class operations, reliable and efficient electric
generation, and a retail platform serving residential and
commercial businesses. Working with electricity customers, large
and small, we continually innovate, embrace and implement
sustainable solutions for producing and managing energy. We aim to
be pioneers in developing smarter energy choices and delivering
exceptional service as our retail electricity providers serve
almost 3 million residential and commercial customers throughout
the country.
Forward-Looking Statements
This communication contains forward-looking statements that may
state NRG’s or its management’s intentions, beliefs, expectations
or predictions for the future. Such forward-looking statements are
subject to certain risks, uncertainties and assumptions, and
typically can be identified by the use of words such as “will,”
“expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe”
and similar terms. Although NRG believes that its expectations are
reasonable, it can give no assurance that these expectations will
prove to have been correct, and actual results may vary materially.
Factors that could cause actual results to differ materially from
those contemplated above include, among others, risks and
uncertainties related to the capital markets generally.
The foregoing review of factors that could cause NRG’s actual
results to differ materially from those contemplated in the
forward-looking statements included herein should be considered in
connection with information regarding risks and uncertainties that
may affect NRG’s future results included in NRG’s filings with the
SEC at www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20160607006291/en/
NRG Energy, Inc.Media:Karen Cleeve, 609-524-4608Marijke Shugrue,
609-524-5262orInvestors:Kevin Cole, 609-524-4526Lindsey Puchyr,
609-524-4527
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