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NRG Yield announces $300M senior notes offering

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Princeton-based energy company NRG Yield announced Wednesday it intends to commence an offering of $300 million in aggregate principal amount of its convertible senior notes due 2019.

According to the announcement, the company also expects to grant the underwriters a 30-day option to purchase up to an additional $45 million in aggregate principal amount of notes. The notes will be convertible, under certain circumstances, into cash, shares of NRG Yield's class A common stock or a combination thereof at NRG Yield's election, at a price to be determined. The Notes will be fully and unconditionally guaranteed on a senior basis by NRG Yield LLC and NRG Yield Operating LLC, direct and indirect subsidiaries of the NRG Yield.

NRG Yield will lend the net proceeds from this offering to Yield Operating LLC. Yield Operating LLC intends to use the proceeds for working capital and general corporate purposes, including the acquisition of assets from NRG Energy Inc. or other third parties, although NRG Yield does not currently have any agreements to do so in place. Morgan Stanley, BofA Merrill Lynch, RBC Capital Markets and Goldman, Sachs & Co. will act as joint book-running managers for the offering, NRG Yield said in a statement.


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