NRG Energy, Inc. Announces the Repurchase of 100% of its Outstanding Convertible Perpetual Preferred Stock
13 June 2016 - 9:00PM
Business Wire
NRG Energy, Inc. (NYSE:NRG) announced today that it has
completed the repurchase from Credit Suisse First Boston of 100% of
the outstanding shares of its $344.5 million 2.822% preferred stock
at a price of $225.9 million by using cash on hand. The preferred
stock was originally issued in August of 2005, at 3.625% preferred
coupon.
Mauricio Gutierrez, President and Chief Executive Officer
commented, “This successful repurchase at a significant discount
will generate approximately $10 million in annual dividend savings
and shows continued advancement of reducing costs and executing on
our liability management strategy.”
About NRG
NRG is the leading integrated power company in the U.S., built
on the strength of the nation’s largest and most diverse
competitive electric generation portfolio and leading retail
electricity platform. A Fortune 200 company, NRG creates value
through best in class operations, reliable and efficient electric
generation, and a retail platform serving residential and
commercial businesses. Working with electricity customers, large
and small, we continually innovate, embrace and implement
sustainable solutions for producing and managing energy. We aim to
be pioneers in developing smarter energy choices and delivering
exceptional service as our retail electricity providers serve
almost 3 million residential and commercial customers throughout
the country.
Forward-Looking Statements
This communication contains forward-looking statements that may
state NRG’s or its management’s intentions, beliefs, expectations
or predictions for the future. Such forward-looking statements are
subject to certain risks, uncertainties and assumptions, and
typically can be identified by the use of words such as “will,”
“expect,” “estimate,” “anticipate,” “forecast,” “plan,” “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, risks and
uncertainties related to the capital markets generally.
The foregoing review of factors that could cause NRG’s actual
results to differ materially from those contemplated in the
forward-looking statements included herein 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160613005590/en/
NRG Energy, Inc.Media:Karen Cleeve, 609-524-4608orMarijke
Shugrue, 609-524-5262orInvestors:Kevin Cole, 609-524-4526orLindsey
Puchyr, 609-524-4527
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