NRG Energy Announces Cash Tender Offer for Any and All of Its Outstanding 7.375% Senior Notes Due 2016 (NRG)

NRG Energy, Inc. NRG, announced that it has commenced a tender offer to purchase any and all of its outstanding $2.4 billion in aggregate principal amount of 7.375% Senior Notes due 2016 through a cash tender offer with the net proceeds from NRG's concurrent private placement of $2.0 billion in aggregate principal amount of Senior Notes due 2019 and 2021, which was also announced today by NRG, as well as with cash on hand. The tender offer is being made pursuant to an offer to purchase and a related letter of transmittal, each dated as of May 10, 2011. The tender offer will expire at 11:59 p.m., New York City time, on June 7, 2011. In connection with the tender offer, NRG is soliciting the consents of holders of the 2016 Notes to certain proposed amendments to the indenture governing the 2016 Notes. The primary purpose of the consent solicitation and proposed amendments is to eliminate substantially all of the restrictive covenants and certain events of default and related provisions. NRG intends to redeem any 2016 Notes that remain outstanding after the consummation of the tender offer as promptly as practicable after the expiration date in accordance with the terms of the indenture, as such indenture is amended pursuant to the proposed amendments.