Investors

Fixed Income

Fixed Income

Sustainability-Linked Finance

For NRG, the issuance of Sustainability-Linked Bonds reinforces its commitment to a low-emissions future. Such bonds represent the next step in aligning NRG’s business and financing with its commitments and values by creating a direct link between its climate and funding strategies.

Sustainability-Linked Bond Framework – November 2020

Second Party Opinion on NRG's Sustainability-Linked Financing Framework

In 2019, NRG became the second U.S.-based power company to engage in an ESG-linked loan. This Sustainability Linked Loan (SLL) or ESG loan embeds a pricing mechanism linked to specific sustainability metrics. Although our $2.6 billion SLL was only the third such transaction for a U.S. power company, demand is growing for this type of financing, which emphasizes a potential increased access to capital by demonstrating strategic long-term planning of corporate responsibility. More information about our SLL can be found here.

Maturity Profile

($ Millions)

  2021 2022 2023 2024 2025 Thereafter Total¹
Recourse $- $- $0 $600 $500 $7,755 $8,855
Other Non-Recourse $1 $2 $1 $- $- $- $4
Total NRG Recourse & Non-Recourse Debt $1 $2 $1 $600 $500 $7,755 $8,859

Maturity Profile: Corporate Debt

($ Millions)

  Interest Rate 2021 2022 2023 2024 2025 Thereafter Total
Senior Notes, due 2026 7.25% $- $- $- $- $- $1,000 $1,000
Senior Notes, due 2027 6.625% - - - - - 1,230 1,230
Senior Notes, due 2028 5.75% - - - - - 821 821
Senior Notes, due 2029 5.25% - - - - - 733 733
Senior Notes, due 2029 3.375% - - - - - 500 500
Senior Notes, due 2031 3.625% - - - - - 1,030 1,030
Convertible Senior Notes, due 2048² 2.75% - - - - - 575 575
Senior Secured, First Lien Notes, due 2024 3.75% - - - 600 - - 600
Senior Secured, First Lien Notes, due 2025 2.00% - - - - 500 - 500
Senior Secured, First Lien Notes, due 2027 2.45% - - - - - 900 900
Senior Secured, First Lien Notes, due 2029 4.45% - - - - - 500 500
Tax-exempt bonds 1.25 - 4.75% - - - - - 466 466
Total NRG Recourse Debt   $- $- $0 $600 $500 $7,755 $8,855

Maturity Profile: Non-Recourse

($ Millions)

  Interest Rate 2021 2022 2023 2024 2025 Thereafter Total
Finance Leases Various $1 $2 $1 $- $- $- $4
Total NRG Non-Recourse Debt   $1 $2 $1 $- $- $- $4

¹Excludes all outstanding draws on the corporate revolving credit facility

²The effective interest rate was 5.19% and 5.05% for the years ended December 31, 2020 and 2019, respectively. As of the ex-dividend date of January 29, 2021, the Convertible Notes were convertible at a price of $45.91, which is equivalent to a conversion rate of approximately 21.79 shares of common stock per $1,000 principal amount. The remaining period over which the discount on the liability component will be amortized is 4.7 years