NRG Energy said April 14, 2026, it is launching two debt offerings at the same time: senior secured first lien notes due 2031 and senior unsecured notes split between maturities in 2034 and 2036.
The company also plans a new $900 million term loan B, and said the combined proceeds are intended to do three things: repay part of the borrowing under its revolving credit facility, fund a tender offer for Lightning Power’s 7.250% senior secured notes due 2032, and cover transaction costs and premiums.
NRG did not disclose the size of the note offerings in the release, but it did say the secured notes are first-lien obligations backed by the same collateral package supporting its credit agreement and existing senior secured notes. That collateral covers a substantial portion of NRG’s and the guarantors’ property and assets.
The notes will be guaranteed by NRG’s current and future wholly owned U.S. subsidiaries that already guarantee the company’s term loans.
The company said the secured notes offering is not contingent on the unsecured notes offering or the new term loan B, and vice versa. It also said the debt sales are not dependent on the Lightning tender offer or on any minimum amount of notes being tendered.
NRG said any leftover proceeds would go toward general corporate purposes, including possible repurchases, repayments, prepayments or redemptions of other debt at NRG, Lightning or their subsidiaries.
NRG serves about 8 million customers across North America and operates about 25 gigawatts of power generation. The market has reacted to these announcements by moving the company's shares -3.24% to a price of $146.14. For more information, read the company's full 8-K submission here.
