Loan & DebtApr 28, 2026, 05:22 PM
NRG Subsidiary Tenders 99.67% of $1.5B Notes; Removes Covenants
AI Summary
NRG Energy, Inc. announced the early results of its subsidiary Lightning Power, LLC's cash tender offer and consent solicitation for its outstanding $1.5 billion 7.250% senior secured notes due 2032. Approximately 99.67% of the notes were validly tendered by the early deadline, and the company received the necessary consents to eliminate restrictive covenants and release collateral. Following the successful tender, Lightning Power issued a notice to redeem all remaining untendered notes, enhancing financial flexibility. Additionally, NRG Energy, Inc. executed a Sixteenth Amendment to its Second Amended and Restated Credit Agreement.
Key Highlights
- NRG subsidiary Lightning Power's tender offer for $1.5 billion 7.250% Senior Secured Notes due 2032.
- Approximately $1,495,054,000 (99.67%) of notes tendered by the Early Tender Deadline.
- Requisite Consents received to eliminate restrictive covenants and release collateral.
- Total Consideration for early tenders: $1,063.75 per $1,000 principal amount, including $50 Early Tender Payment.
- Lightning Power issued a redemption notice for remaining untendered notes, scheduled for May 13, 2026.
- NRG Energy, Inc. also executed a Sixteenth Amendment to its Second Amended and Restated Credit Agreement.