On September 24, 2025, NRG Energy, Inc. priced concurrent offerings totaling $4.9 billion in aggregate principal amount of senior notes. This included $1.25 billion of senior secured first lien notes (4.734% due 2030 and 5.407% due 2035) and $3.65 billion of senior unsecured notes (5.750% due 2034 and 6.000% due 2036).
The secured notes will be backed by a first priority security interest in the same collateral pledged for NRG’s credit agreement. These offerings are a critical component of NRG's financing strategy for its previously announced acquisition of the LS Power portfolio.
A portion of the net proceeds from these offerings will be used to partially fund the cash portion of the LS Power acquisition. Additionally, proceeds from the 2035 Secured Notes will repay $500 million of 2.000% senior secured first lien notes maturing on December 2, 2025.
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