SEC Filings

10-K
NRG ENERGY, INC. filed this Form 10-K on 02/29/2016
Entire Document
 
                

The Senior Credit Facility contains customary covenants, which, among other things, require NRG to meet certain financial tests, including minimum interest coverage ratio and a maximum leverage ratio on a consolidated basis, and limit NRG's ability to:
incur indebtedness and liens and enter into sale and lease-back transactions;
make investments, loans and advances; and
return capital to stockholders.
Tax Exempt Bonds
 
 
As of December 31,
 
 
 
 
2015
 
2014
 
Interest Rate %
Amount in millions, except rates
 
 
 
 
 
 
Indian River Power tax exempt bonds, due 2040
 
57

 
57

 
6.000
Indian River Power LLC, tax exempt bonds, due 2045
 
190

 
190

 
5.375
Dunkirk Power LLC, tax exempt bonds, due 2042
 
59

 
59

 
5.875
Fort Bend County, tax exempt bonds, due 2045
 
22

 
10

 
4.125
Fort Bend County, tax exempt bonds, due 2038
 
54

 
54

 
4.750
Fort Bend County, tax exempt bonds, due 2042
 
73

 
36

 
4.750
Total
 
$
455

 
$
406

 

NRG Non-Recourse Debt
The following are descriptions of certain indebtedness of NRG's subsidiaries that are outstanding as of December 31, 2015. All of NRG's non-recourse debt is secured by the assets in the respective GenOn subsidiaries and project subsidiaries as further described below. The net assets in the GenOn and project subsidiaries are subject to restrictions, including the ability to transfer assets out of the subsidiaries. As of December 31, 2015, NRG had net assets of $5.6 billion that were deemed restricted for purposes of Rule 4-08(e)(3)(ii) of Regulation S-X.
The indebtedness described below is non-recourse to NRG, unless otherwise noted.
GenOn Senior Notes
 
 
As of December 31,
 
 
 
 
2015
 
2014
 
Interest Rate %
Amount in millions, except rates
 
 
 
 
 
 
Senior unsecured notes, due 2017
 
714

 
766

 
7.875
Senior unsecured notes, due 2018
 
708

 
757

 
9.500
Senior unsecured notes, due 2020
 
534

 
610

 
9.875
Total
 
$
1,956

 
$
2,133

 
 
Under the GenOn Senior Notes and the related indentures, the GenOn Senior Notes are the sole obligation of GenOn and are not guaranteed by any subsidiary or affiliate of GenOn. The GenOn Senior Notes are senior unsecured obligations of GenOn having no recourse to any subsidiary or affiliate of GenOn. The GenOn Senior Notes restrict the ability of GenOn and its subsidiaries to encumber their assets. The GenOn Senior Notes are subject to acceleration of GenOn's obligations thereunder upon the occurrence of certain events of default, including: (a) default in interest payment for 30 days, (b) default in the payment of principal or premium, if any, (c) failure after 90 days of specified notice to comply with any other agreements in the indenture, (d) certain cross-acceleration events, (e) failure by GenOn or its significant subsidiaries to pay certain final and non-appealable judgments after 90 days and (f) certain events of bankruptcy and insolvency.

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