SEC Filings

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

Repurchase of GenOn Senior Notes
During the fourth quarter of 2015, the Company repurchased $119 million in aggregate principal of the following outstanding Senior Notes in the open market for $108 million, including accrued interest.
 
 
Principal Repurchased
 
Average Early Redemption Percentage
 
Gain on Debt Extinguishment
Amount in millions, except rates
 
 
 
 
 
 
Senior unsecured notes, due 2017
 
$
33

 
95.172
%
 
$
3

Senior unsecured notes, due 2018
 
25

 
90.950
%
 
5

Senior unsecured notes, due 2020
 
61

 
83.847
%
 
15

Total
 
$
119

 

 
$
23

2018 and 2020 GenOn Senior Notes
The GenOn Senior Notes due 2018 and 2020 and the related indentures restrict the ability of GenOn to incur additional liens and make certain restricted payments, including dividends. In the event of a default or if restricted payment tests are not satisfied, GenOn would not be able to distribute cash to its parent, NRG. At December 31, 2015, GenOn failed the consolidated debt ratio component of the restricted payments test. Under the related indentures, the ability of GenOn to make restricted payments, including dividends, loans and advances to NRG, is limited to specified exclusions, including up to $250 million of such restricted payments. As of December 31, 2015, GenOn net assets of $277 million were deemed restricted for purposes of Rule 4-08(e)(3)(ii) of Regulation S-X.
Prior to maturity, GenOn may redeem the senior notes due 2018, in whole or in part, at a redemption price equal to 100% of the principal amount plus a premium and accrued and unpaid interest. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the following: the present value of 100% of the note, plus interest payments due on the note through maturity, discounted at a Treasury rate plus 0.50% over the principal amount of the note.
GenOn may redeem some or all of the Senior Notes due 2020 at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption rate:
Redemption Period
Redemption
Percentage
October 15, 2015 to October 14, 2016
104.938
%
October 15, 2016 to October 14, 2017
103.292
%
October 15, 2017 to October 14, 2018
101.646
%
October 15, 2018 and thereafter
100.000
%
2017 GenOn Senior Notes
Prior to maturity, GenOn may redeem all or a part of the GenOn Senior Notes due 2017 at a redemption price equal to 100% of the notes plus a premium and accrued and unpaid interest. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the following: the present value of 100% of the note, plus interest payments due on the note through maturity, discounted at a Treasury rate plus 0.50% over the principal amount of the note.
GenOn Americas Generation Senior Notes
 
 
As of December 31,
 
 
 
 
2015
 
2014
 
Interest Rate %
Amount in millions, except rates
 
 
 
 
 
 
Senior unsecured notes, due 2021
 
398

 
496

 
8.500
Senior unsecured notes, due 2031
 
354

 
433

 
9.125
Total
 
$
752

 
$
929

 
 

172