NRG Energy Reduces Annual Loan Interest Expense by $12 Million
February 08 2013 - 8:00AM
Business Wire
NRG Energy, Inc. (NYSE: NRG) has successfully repriced its $1.58
billion Term Loan B due 2018. The repricing includes a reduction of
spread from 3.0% to 2.5% and a reduction in the LIBOR floor from
1.0% to 0.75%.
“The successful repricing of NRG’s term loan will result in
annual interest expense savings of approximately $12 million and
represents another significant step toward achieving at least $100
million in balance sheet efficiencies resulting from our recently
completed merger with GenOn,” said Kirk Andrews, Chief Financial
Officer.
About NRG
NRG is at the forefront of changing how people think about and
use energy. We deliver cleaner and smarter energy choices for our
customers, backed by the nation’s largest independent power
generation portfolio of fossil fuel, nuclear, solar and wind
facilities. A Fortune 300 company, NRG is challenging the U.S.
energy industry by becoming the largest developer of solar power,
building the first privately-funded electric vehicle charging
infrastructure, and providing customers with the most advanced
smart energy solutions to better manage their energy use. In
addition to 47,000 megawatts of generation capacity, enough to
supply nearly 40 million homes, our retail electricity providers –
Reliant, Green Mountain Energy and Energy Plus – serve more than
two million customers. More information is available at
www.nrgenergy.com. Connect with NRG Energy on Facebook and follow
us on Twitter @nrgenergy.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such forward-looking
statements are subject to certain risks, uncertainties and
assumptions and include NRG’s expectations regarding interest
savings and the anticipated benefits of the transaction between NRG
and GenOn. Forward-looking statements typically can be identified
by the use of words such as “will,” “expect,” “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, general economic
conditions, hazards customary in the power industry, the ability to
realize anticipated benefits of the transaction (including expected
cost savings and other synergies) or the risk that anticipated
benefits may take longer to realize than expected, and financial
and economic market conditions. NRG undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. The
foregoing review of factors that could cause NRG’s actual results
to differ materially from those contemplated in the forward-looking
statements included in this news release 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
Securities and Exchange Commission at www.sec.gov.
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