Latham & Watkins Advises Initial Purchasers in NRG Energy, Inc.’s US$1.4 Billion Senior Secured First Lien Notes Offering and US$1.53 Billion of Senior Unsecured Notes Offering

Multidisciplinary team represented the initial purchasers in the offerings by the American energy company.

December 02, 2020

NRG Energy, Inc. priced concurrent offerings of (i) US$500 million in aggregate principal amount of 2% senior secured first lien notes due 2025 at a price to the public of 99.943% of their face value and US$900 million in aggregate principal amount of 2.45% senior secured first lien notes due 2027 at a price to the public of 99.859% of their face value (the 2027 Secured Notes and, together with the 2025 Secured Notes, the Secured Notes), and (ii) US$500 million in aggregate principal amount of 3.375% senior unsecured notes due 2029 at a price to the public of 100% of their face value and US$1.03 billion in aggregate principal amount of 3.625% senior unsecured notes due 2031 at a price to the public of 100% of their face value (collectively, with the Secured Notes, the Notes). 

The 2027 Secured Notes are being issued under NRG’s Sustainability-Linked Bond Framework, which sets out certain sustainability targets, including reducing greenhouse gas emissions. The 2025 Secured Notes mature on December 2, 2025, the 2027 Secured Notes mature on December 2, 2027, the 3.375% senior unsecured notes due 2029 mature on February 15, 2029, and the 3.625% senior unsecured notes due 2031 mature on February 15, 2031. The offerings of the Notes closed on December 2, 2020.

Latham & Watkins LLP represented the initial purchasers in the offerings with a capital markets team led by New York partner Keith Halverstam and New York counsel Ryan deFord, with Houston associate Monica White, New York associate Simon Cooke, Houston associate Danny Shulman and New York associate James Dorian. Advice was also provided on finance matters by New York partners Dan Seale, Lawrence Safran, and Nicole Fanjul, with New York associates Brianna Edwards and Lillian Xiao; on securitization matters by London partner Sanjev Warna-kula-suriya, New York partner Loren Finegold, and Chicago partner Ellen Marks, with London associates Christopher Armstrong and Tirsa Kapp; and on tax matters by New York partner Jiyeon Lee-Lim, with New York associate Aaron Bernstein.

 
 
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