Chicago, Aug. 15 – NRG Energy Inc. priced $500 million of pre-capitalized trust securities (//BBB-) on Tuesday, according to a press release.
Alexander Funding Trust II is the issuer.
The securities are redeemable July 31, 2028 and will have a distribution rate of 7.467%. The securities priced at a spread of 310 bps to the five-year Treasury.
The new securities are replacing NRG’s existing securities issued by Alexander Funding Trust and maturing on Nov. 15.
NRG Energy is an energy company based in Houston.
| Issuer: | Alexander Funding Trust II
|
| Guarantor: | Current and future subsidiaries that guarantee debt under NRG Energy’s credit agreement
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| Amount: | $500 million
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| Issue: | Pre-capitalized trust securities
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| Maturity: | July 31, 2028
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| Coupon: | 7.467%
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| Spread: | Treasuries plus 310 bps
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| Trade date: | Aug. 15
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| Settlement date: | Aug. 29
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| Ratings: | Fitch: BBB-
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| Distribution: | Rule 144A
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