NRG Energy, Inc. Announces Extension of Early Tender Date
HOUSTON–(BUSINESS WIRE)–NRG Energy, Inc. (NYSE:NRG) announced today that it has extended the early tender date relating to its previously announced offers to purchase for cash (collectively, the “Tender Offer”) up to $600 million aggregate principal amount (subject to increase by NRG in its sole discretion, the “Maximum Tender Amount”) of its outstanding 3.875% senior notes due 2032 (the “2032 Notes”), 3.625% senior notes due 2031 (the “2031 Notes”), and 3.375% senior notes due 2029 (the “2029 Notes” and, collectively with the 2032 Notes and the 2031 Notes, the “Notes”). The Tender Offer is being made pursuant to the Offer to Purchase, dated November 6, 2023 (the “Offer to Purchase”).
NRG is extending the previously announced early tender date of 5:00 p.m., New York City time, on November 20, 2023 to 5:00 p.m., New York City time, on November 22, 2023 (such extended time and date, the “Extended Early Tender Date”). As a result, the withdrawal date is also being extended to 5:00 p.m., New York City time, on November 22, 2023 (such extended time and date, the “Extended Withdrawal Date”).
NRG also announced that it has increased the Maximum Tender Amount from $600 million to $620 million (the “Increased Maximum Tender Amount”). Except for the changes with respect to the Extended Early Tender Date, the Extended Withdrawal Date, and the Increased Maximum Tender Amount, there are no other modifications being made with respect to the Tender Offer as set forth in the Offer to Purchase.
Holders of Notes who previously tendered their Notes prior to the original early tender date do not need to re-tender such Notes or take any other action in response to this announcement in order to be eligible to receive the applicable Total Consideration. Holders of Notes who previously tendered their Notes prior to the original early tender date may withdraw such Notes prior to the Extended Withdrawal Date in accordance with the terms and conditions of the Offer to Purchase.
Holders of Notes who validly tender (and do not validly withdraw) their Notes at or prior to the Extended Early Tender Date will be eligible to receive the applicable Total Consideration (as defined in the Offer to Purchase) for such Notes, which includes the Early Tender Payment (as defined in the Offer to Purchase). Holders of Notes who validly tender their Notes after the Extended Early Tender Date but at or prior to the Expiration Date (as defined in the Offer to Purchase) will not be eligible to receive the Early Tender Payment and will therefore only be eligible to receive the applicable Tender Offer Consideration (as defined in the Offer to Purchase). In addition, NRG will pay accrued and unpaid interest on the principal amount of Notes accepted for purchase from the most recent interest payment date on the Notes to, but not including, the applicable settlement date for the Notes accepted for purchase.
NRG’s obligation to purchase Notes in the Tender Offer is conditioned on the satisfaction or waiver of a number of conditions as described in the Offer to Purchase. The Tender Offer is not conditioned upon the tender of any minimum principal amount of Notes of such series or of the other series. However, the Tender Offer is subject to the Increased Maximum Tender Amount. In the event of a termination of the Tender Offer, neither the applicable consideration will be paid or become payable to the holders of the applicable series of Notes, and the Notes tendered pursuant to the Tender Offer will be promptly returned to the tendering holders. NRG has the right, in its sole discretion, to not accept any tenders of Notes for any reason and to amend or terminate the Tender Offer at any time.
Copies of the Offer to Purchase are available to holders of the Notes from the Tender and Information Agent. Requests for copies of the Offer to Purchase should be directed to the Tender and Information Agent at +1 (877) 732-3619 (toll free) and +1 (212) 269-5550 (collect) or by e-mail to firstname.lastname@example.org. NRG has engaged BMO Capital Markets Corp. and Credit Agricole Securities (USA) Inc. as joint lead dealer managers for the Tender Offers. Questions regarding the terms of the Tender Offers may be directed to BMO Capital Markets Corp. at +1 (212) 702-1840 (collect) or +1 (833) 418-0762 (toll-free); and Credit Agricole Securities (USA) Inc. at + 1 (866) 807-6030.
None of NRG, the dealer managers, the Tender and Information Agent, the trustee for the Notes or any of their respective affiliates is making any recommendation as to whether holders should or should not tender any Notes in response to the Tender Offers or expressing any opinion as to whether the terms of the Tender Offers are fair to any holder. Holders of the Notes must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes to tender. Please refer to the Offer to Purchase for a description of the offer terms, conditions, disclaimers and other information applicable to the Tender Offers.
This press release does not constitute an offer to purchase or the solicitation of an offer to sell any securities. The Tender Offer is being made solely by means of the Offer to Purchase. NRG is making the Tender Offer only in those jurisdictions where it is legal to do so. The Tender Offer is not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.
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. Forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as “expect,” “estimate,” “should,” “anticipate,” “forecast,” “plan,” “guidance,” “outlook,” “believe” and similar terms. Although NRG believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 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 SEC at www.sec.gov.
NRG Energy is a leading energy and home services company powered by people and our passion for a smarter, cleaner, and more connected future. A Fortune 500 company operating in the United States and Canada, NRG delivers innovative solutions that help people, organizations, and businesses achieve their goals while also advocating for competitive energy markets and customer choice.