PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy Inc. (NYSE:NRG) announces that it has repriced its $1.872 billion Term Loan B due June 2023. The transaction is leverage neutral and enhances free cash flow before growth via annual cash interest savings.
The transaction will reduce the interest rate margin on the term loan by 50 basis points to LIBOR +175 basis points and also reduce the LIBOR floor to 0.00%.
As a result, the Company expects interest savings over the remaining life of the loan to total approximately $47 million. Expected annualized interest savings are estimated to be approximately $9 million.
NRG is the leading integrated power company in the U.S., built on the strength of our diverse competitive electric generation portfolio and leading retail electricity platform. A Fortune 500 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 implement sustainable solutions for producing and managing energy, developing smarter energy choices and delivering exceptional service as our retail electricity providers serve almost three million residential and commercial customers throughout the country. More information is available at www.nrg.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
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