SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) | October 1, 2002 |
NRG Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
001-15891 | 41-1724239 | |
(Commission File Number) | (IRS Employer Identification No.) | |
901 Marquette Avenue, Suite 2300 Minneapolis, MN | 55402 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code 612-373-5300
(Former name or former address, if changed since last report)
Item 5. Other Events | ||||||||
Item 7. Exhibits. | ||||||||
SIGNATURES | ||||||||
EX-99.01 Press Release dated October 1, 2002 |
Item 5. Other Events
On October 1, 2002, NRG Energy, Inc. (NRG), a wholly owned subsidiary of Xcel Energy Inc., announced the end of the fifteen-day grace period for payment of $47 million in combined principal and interest payments on the NRG South Central LLC (a wholly owned subsidiary of NRG) 8.962 percent, series A-1 senior secured bonds due 2016 and 9.479 percent series B-1 senior secured bonds due 2024. As previously announced, NRG South Central LLC did not make the payments when due on September 16, 2002. For more information see the full press release included in this Form 8-K as Exhibit 99.01.
This Current Report on Form 8-K includes forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words anticipate, estimate, expect, guidance, projected, objective, outlook, possible, potential and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including their impact on capital expenditures; business conditions in the energy industry; competitive factors; unusual weather; changes in federal or state legislation; regulation, risks associated with the California power market; currency translation and transaction adjustments; the realization of expectations regarding the acquisition of NRG common stock and subsequent merger; and the other risk factors listed from time to time by NRG Energy in reports filed with the Securities and Exchange Commission (SEC).
Item 7. Exhibits.
The following exhibits are filed with this report on Form 8-K:
Exhibit No. |
Description |
|
99.01 | Press Release Regarding NRG South Central Generating LLC Bond Payment Update, dated October 1, 2002 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NRG Energy, Inc. (Registrant) |
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By | /s/ Richard C. Kelly Richard C. Kelly President and Chief Operating Officer |
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Dated: October 2, 2002 |
Exhibit 99.01
NRG Energy, Inc. Updates South Central Generating LLC Bond Payment Situation
MINNEAPOLIS (October 1, 2002) As previously announced, NRG South Central LLC (a wholly owned subsidiary of NRG Energy) on September 16, 2002, did not make approximately $47 million in combined principal and interest payments on 8.962 percent series A-1 senior secured bonds due 2016 and 9.479 percent series B-1 senior secured bonds due 2024. The South Central bondholders hired advisors and formed a committee to represent them in negotiations with NRG.
NRG is continuing to negotiate with this committee of bondholders, as well as with all of its other lenders, in the context of a comprehensive restructuring plan. The fifteen-day grace period to make payment ended October 1, 2002 and NRG South Central Generating LLC did not make the required payments. As a result, NRG South Central is in default on these bonds.
NRG intends to submit to its lenders and bondholders a comprehensive restructuring plan by late October. As a part of this process, NRG continues to work with certain of NRGs bank lenders to obtain an extension of the deadline by which it must post approximately $1.0 billion of cash collateral in connection with certain bank loan agreements. The prior extension expired September 13, 2002 and NRG has been working with its bank lenders since then to obtain an extension. Unless and until an extension can be agreed upon, the banks have the right to demand posting of the cash collateral.
NRG remains hopeful that it will be able to reach an arrangement for the benefit of all stakeholders, said Richard C. Kelly, NRG president and chief operating officer.
NRG Energy, a wholly owned and unregulated subsidiary of Xcel Energy, develops and operates power generating facilities. NRGs operations include competitive energy production and cogeneration facilities, thermal energy production and energy resource recovery facilities.
Xcel Energy is a major U.S. electricity and natural gas company with regulated operations in 12 Western and Midwestern states. The company provides a comprehensive portfolio of energy-related products and services to 3.2 million electricity customers and 1.7 million natural gas customers through its regulated operating companies. In terms of customers, it is the fourth-largest combination natural gas and electricity company in the U.S. Company headquarters are located in Minneapolis.
This release may include forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words anticipate, estimate, expect, projected, objective, outlook, possible, potential and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including their impact on capital expenditures; business conditions in the energy industry; competitive factors; unusual weather; changes in federal or state legislation; regulation; risks associated with the California power market; currency translation and transaction adjustments; the higher degree of risk associated with Xcel Energys nonregulated businesses compared with Xcel Energys regulated business; the satisfaction of all conditions to the exchange offer that cannot be waived and the satisfaction or waiver of conditions to the exchange
offer that may be waived; and the other risk factors listed from time to time by Xcel Energy in reports filed with the Securities and Exchange Commission (SEC), including Exhibit 99.01 to Xcel Energys report on Form 10-K for year 2001.
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Contact: |
Xcel Energy Investor Relations R.J. Kolkmann, 612.215.4559 P.A. Johnson, 612.215.4535 Media Relations U.S. Lesa Bader 612.373.6992 |