NRG Energy redeems $193 million of 7 7/8% notes due 2021 at 103.94

By Susanna Moon

Chicago, Nov. 4 – NRG Energy, Inc. redeemed $193 million of its 7 7/8% senior notes due 2021 at a redemption price of 103.94% of par on Thursday.

So far this year, NRG has reduced corporate debt by $777 million and, combined with debt repurchases in 2015 and by pushing out debt maturities at a lower average interest rate, NRG has retired $1 billion of corporate debt for annual interest savings of about $78 million, according to a company earnings release for the third quarter.

The company said it also gained another $10 million in dividend savings from the repurchase of all of its $345 million outstanding 2.822% convertible perpetual preferred stock for $226 million.

NRG is a Princeton, N.J.-based wholesale power generation company.

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