PRINCETON, N.J.--(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.”
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.
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