NRG Energy Reduces Annual Loan Interest Expense by $12 Million
PRINCETON, N.J.--(BUSINESS WIRE)-- NRG Energy, Inc. (NYS: 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.
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.
NRG Energy, Inc.
Lori Neuman, 609-524-4525
Dave Knox, 713-537-2130
Chad Plotkin, 609-524-4526
Stefan Kimball, 609-524-4527
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