NRG Energy, Inc. Announces Early Results for its Cash Tender Offer
October 19 2016 - 06:50AM
Business Wire
NRG Energy, Inc. (NYSE:NRG) announced today the early results of
its cash tender offer (the “Tender Offer”) to purchase its 7.625%
senior notes due 2018 (the “2018 Notes”) for aggregate cash
consideration of up to $200.0 million. The table below sets forth
the early results of the Tender Offer, according to information
provided by the tender agent, as of the Early Participation Date
(as defined below):
Title of Notes
Aggregate Principal
Amount Outstanding (in millions)
Principal Amount of
Notes Tendered (in millions)
Principal Amount of
NotesAccepted(in millions)
Tender Cap (in millions)
Total Consideration(1)
Total Payment(in
millions)(2)
7.625% Senior Notes due 2018 $583.8 $288.2 $185.6 $200.0 $1077.50
$200.0 (1) Per $1,000 principal amount of 2018 Notes
accepted for purchase. Includes the Early Participation Amount (as
defined below). (2) Excludes accrued and unpaid interest, which
will be paid from the last interest payment date to, but not
including, the applicable payment date.
The Tender Offer is oversubscribed and, as a result, NRG will
not accept for purchase any additional 2018 Notes tendered in the
Tender Offer after the “Early Participation Date” of 5:00 p.m., New
York City time, on October 18, 2016. All 2018 Notes validly
tendered and not validly withdrawn prior to the Early Participation
Date will be subject to proration as described in the Offer to
Purchase, dated October 4, 2016 (the “Offer to Purchase”).
NRG expects to make payment for 2018 Notes it has accepted for
purchase as of the Early Participation Date on October 19, 2016
(the “Early Payment Date”), subject to proration and the tender cap
as described in the Offer to Purchase. Holders of 2018 Notes that
were validly tendered prior to the Early Participation Date and
accepted for purchase will receive the Total Consideration, which
includes the “Early Participation Amount” of $30.00 per $1,000
principal amount of 2018 Notes accepted for purchase, plus accrued
and unpaid interest up to, but not including, the Early Payment
Date.
The withdrawal deadline was 5:00 p.m., New York City time on
October 18, 2016. As a result, validly tendered notes may no longer
be withdrawn or revoked.
Requests for documents relating to the tender offer may be
directed to D.F. King & Co., Inc., the Information Agent, at
(800) 269-6427 (Toll-Free) or (212) 269-5550 (Collect) or by email
at nrg@dfking.com. Credit Suisse will act as Dealer Manager for the
tender offer. Questions regarding the tender offer may be directed
to the Information Agent or to Credit Suisse at (800) 820-1653
(U.S. Toll-Free) or (212) 325-2476 (Collect).
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 2018 Notes. The Tender Offer is being made solely by
NRG’s Offer to Purchase. The full details of the Tender
Offer are included in the Offer to Purchase. Holders of the
2018 Notes are strongly encouraged to carefully read the Offer to
Purchase because it contains important information.
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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Media:Karen Cleeve, 609-524-4608orMarijke Shugrue,
609-524-5262orInvestors:Kevin L. Cole, CFA, 609-524-4526orLindsey
Puchyr, 609-524-4527
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