Global law firm White & Case LLP has advised NRG Energy, Inc. (NRG), a leading energy and smart home company, on its concurrent notes offerings in an aggregate principal amount of US$4.9 billion.
The offerings are comprised of senior secured first lien notes consisting of (i) US$625 million aggregate principal amount of 4.734% senior secured first lien notes due 2030 and (ii) US$625 million aggregate principal amount of 5.407% senior secured first lien notes due 2035, as well as senior unsecured notes consisting of (i) $1,250 million aggregate principal amount of 5.750% senior notes due 2034 and (ii) US$2,400 million aggregate principal amount of 6.000% senior notes due 2036.
NRG intends to use the net proceeds to partially fund the cash portion of the purchase price of its previously announced US$12 billion acquisition of a portfolio of generation and other assets from affiliates of LS Power Equity Advisors, including approximately 13 GW of natural gas-fired generation facilities and a commercial and industrial virtual power plant platform with approximately 6 GW of capacity. In addition, NRG will use the net proceeds to fully repay US$500 million aggregate principal amount of its 2.000% senior secured first lien notes on the maturity date on December 2, 2025.
The White & Case Capital Markets team was led by partner Daniel Nam (New York), and included partner Victor Mendoza (Miami) and associates Joanna Heinz, Heidi Ahmed and Susie Qu (all in New York).
White & Case previously advised NRG on its US$12 billion acquisition of a portfolio of natural gas generation facilities and a commercial and industrial virtual power plant platform from LS Power in May 2025.
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