Debt and Capital Leases (Notes) | 12 Months Ended |
Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' |
Debt and Capital Leases | ' |
Debt and Capital Leases |
Long-term debt and capital leases consisted of the following: |
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| As of December 31, | | | | | | | | |
| 2013 | | 2012 | | Interest Rate % (a) | | | | | | |
| (In millions except rates) | | | | | | |
NRG Recourse Debt: | | | | | | | | | | | |
Senior notes, due 2018 | $ | 1,130 | | | $ | 1,200 | | | 7.625 | | | | | | |
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Senior notes, due 2019 | 800 | | | 800 | | | 7.625 | | | | | | |
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Senior notes, due 2019 | 602 | | | 693 | | | 8.5 | | | | | | |
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Senior notes, due 2020 | 1,062 | | | 1,100 | | | 8.25 | | | | | | |
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Senior notes, due 2021 | 1,128 | | | 1,128 | | | 7.875 | | | | | | |
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Senior notes, due 2023 | 990 | | | 990 | | | 6.625 | | | | | | |
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Term loan facility, due 2018 | 2,002 | | | 1,573 | | | L+3.00/L+2.00 | | | | | | |
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Indian River Power LLC, tax exempt bonds, due 2040 and 2045 | 247 | | | 247 | | | 5.375 - 6.00 | | | | | | |
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Dunkirk Power LLC, tax exempt bonds, due 2042 | 59 | | | 59 | | | 5.875 | | | | | | |
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Fort Bend County, tax-exempt bonds, due 2038 and 2042 | 67 | | | 28 | | | 4.75 | | | | | | |
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Subtotal NRG Recourse Debt | 8,087 | | | 7,818 | | | | | | | | | |
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NRG Non-Recourse Debt: | | | | | | | | | | | |
GenOn senior notes, due 2014 | — | | | 617 | | | 7.625 | | | | | | |
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GenOn senior notes, due 2017 | 782 | | | 800 | | | 7.875 | | | | | | |
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GenOn senior notes, due 2018 | 780 | | | 801 | | | 9.5 | | | | | | |
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GenOn senior notes, due 2020 | 621 | | | 631 | | | 9.875 | | | | | | |
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GenOn Americas Generation senior notes, due 2021 | 503 | | | 509 | | | 8.5 | | | | | | |
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GenOn Americas Generation senior notes, due 2031 | 435 | | | 437 | | | 9.125 | | | | | | |
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NRG Marsh Landing term loan, due 2017 and 2023(b) | 473 | | | 390 | | | L+2.75 - 3.00 | | | | | | |
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CVSR - High Plains Ranch II LLC, due 2014 and 2037(b) | 1,104 | | | 786 | | | 0.611 - 3.579 | | | | | | |
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NRG West Holdings LLC, term loan, due 2023 | 512 | | | 350 | | | L+2.25 - 2.75 | | | | | | |
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Agua Caliente Solar, LLC, due 2037 | 878 | | | 640 | | | 2.395 - 3.633 | | | | | | |
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Ivanpah Financing, due 2014 and 2038 | 1,575 | | | 1,437 | | | 1.116 - 4.256 | | | | | | |
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South Trent Wind LLC, due 2020 | 69 | | | 72 | | | L+ 2.625 | | | | | | |
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NRG Peaker Finance Co. LLC, bonds, due 2019 | 154 | | | 173 | | | L+1.07 | | | | | | |
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NRG Energy Center Minneapolis LLC, senior secured notes, due 2013, 2017, and 2025(b) | 127 | | | 137 | | | 5.95 - 7.31 | | | | | | |
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NRG Solar Alpine LLC, due 2014 and 2022(b) | 221 | | | 2 | | | L+2.25 - 2.50 | | | | | | |
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NRG Solar Borrego I LLC, due 2024 and 2038(b) | 78 | | | — | | | L+2.50/5.65 | | | | | | |
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NRG Solar Avra Valley LLC(b) | 63 | | | 66 | | | L+2.25 | | | | | | |
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TA - High Desert LLC, due 2014, 2023 and 2033 | 80 | | | — | | | L+2.50/5.15 | | | | | | |
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NRG Solar Kansas South LLC, due 2014 and 2031 | 58 | | | — | | | L+2.00 - 2.625 | | | | | | |
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Other | 204 | | | 200 | | | various | | | | | | |
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Subtotal NRG Non-Recourse Debt | 8,717 | | | 8,048 | | | | | | | | | |
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Subtotal Long Term Debt | 16,804 | | | 15,866 | | | | | | | | | |
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Capital leases: | | | | | | | | | | | |
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Chalk Point capital lease, due 2015 | 10 | | | 14 | | | 8.19 | | | | | | |
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Other | 3 | | | 3 | | | various | | | | | | |
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Subtotal Capital Leases | 13 | | | 17 | | | | | | | | | |
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Subtotal | 16,817 | | | 15,883 | | | | | | | | | |
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Less current maturities | 1,050 | | | 147 | | | | | | | | | |
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Total long-term debt and capital leases | $ | 15,767 | | | $ | 15,736 | | | | | | | | | |
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(a) | As of December 31, 2013, L+ equals 3 month LIBOR plus x%, with the exception of NRG Solar Alpine LLC cash grant loan and NRG Solar Kansas South LLC and TA - High Desert LLC cash grant bridge loan which are 1 month LIBOR plus x% and NRG Solar Kansas South LLC term loan which is 3 month LIBOR plus x% | | | | | | | | | | | | | | |
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(b) | Debt related to projects in NRG Yield | | | | | | | | | | | | | | |
Long-term debt includes the following premiums/(discounts): |
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| | As of December 31, | | | | | | | |
| | 2013 | | 2012 | | | | | | | |
| | (in millions) | | | | | | | |
Senior notes, due 2019 | | $ | (5 | ) | | $ | (7 | ) | | | | | | | |
Term loan facility, due 2018 (a) | | (5 | ) | | (3 | ) | | | | | | | |
NRG Peaker Finance Co. LLC, bonds, due 2019 (b) | | (11 | ) | | (15 | ) | | | | | | | |
GenOn senior notes, due 2014 (c) | | — | | | 42 | | | | | | | | |
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GenOn senior notes, due 2017 (c) | | 58 | | | 75 | | | | | | | | |
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GenOn senior notes, due 2018 (c) | | 104 | | | 126 | | | | | | | | |
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GenOn senior notes, due 2020 (c) | | 71 | | | 81 | | | | | | | | |
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GenOn Americas Generation senior notes, due 2021 (c) | | 53 | | | 59 | | | | | | | | |
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GenOn Americas Generation senior notes, due 2031 (c) | | 35 | | | 37 | | | | | | | | |
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Total premium/(discount) | | $ | 300 | | | $ | 395 | | | | | | | | |
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(a) | Discount of $1 million is related to current maturities in 2013 and 2012. | | | | | | | | | | | | | | |
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(b) | Discounts of $4 million and $5 million are related to current maturities in 2013 and 2012, respectively. | | | | | | | | | | | | | | |
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(c) | Premiums for long-term debt acquired in the GenOn acquisition represent adjustments to record the debt at fair value in connection with the acquisition, as described further in Note 3, Business Acquisitions and Dispositions. | | | | | | | | | | | | | | |
NRG Recourse Debt |
Senior Notes |
Issuance of 2022 Senior Notes |
On January 27, 2014, NRG issued $1.1 billion in aggregate principal amount at par of 6.25% senior notes due 2022. The notes are senior unsecured obligations of NRG and are guaranteed by certain of its subsidiaries. Interest is payable semi-annually beginning on July 15, 2014, until the maturity date of July 15, 2022. The proceeds were utilized to redeem the 8.5% and 7.625% 2019 Senior Notes, as described below, and are also expected to be utilized to fund the acquisition of EME. |
In connection with the 2022 Senior Notes, NRG entered into a registration payment arrangement. For the first 90-day period immediately following a registration default, additional interest will be paid in an amount equal to 0.25% per annum of the principal amount of 2022 Senior Notes outstanding, as applicable. The amount of interest paid will increase by an additional 0.25% per annum with respect to each subsequent 90-day period until all registration defaults are cured, up to a maximum amount of interest of 1.0% per annum of the principal amount of the 2022 Senior Notes outstanding, as applicable. The additional interest is paid on the next scheduled interest payment date and following the cure of the registration default, the additional interest payment will cease. |
Redemption of 8.5% and 7.625% 2019 Senior Notes |
On February 10, 2014, the Company redeemed $308 million of its 8.5% 2019 Senior Notes and $91 million of its 7.625% 2019 Senior Notes through a tender offer and call, at an average early redemption percentage of 106.992% and 105.500%, respectively. A $33 million loss on debt extinguishment of the 8.5% and 7.625% Senior Notes was recorded in the first quarter of 2014, primarily consisting of the premiums paid on the redemption and the write-off of previously deferred financing costs. |
Redemption of Senior Notes |
In 2012, the Company redeemed its $1.1 billion 2017 Senior Notes through a tender offer and call, at an average early redemption percentage of 104.016%. A $51 million loss on debt extinguishment of the 2017 Senior Notes was recorded, primarily consisting of the premiums paid on the redemption and the write-off of previously deferred financing costs. |
In 2011, the Company redeemed its $1.2 billion Senior Notes due 2014 and its $2.4 billion Senior Notes due 2016 at an average redemption percentage of 102.007% and 103.868%, respectively, and recorded a loss on debt extinguishment of $28 million and $115 million, respectively, primarily consisting of the premiums paid on the redemption and the write-off of previously deferred financing costs. |
Senior Notes Outstanding |
As of December 31, 2013, NRG had six outstanding issuances of senior notes, or Senior Notes, under an Indenture, dated February 2, 2006, or the Indenture, between NRG and Law Debenture Trust Company of New York, as trustee: |
(i.)8.500% senior notes, issued June 5, 2009 and due June 15, 2019, or the 2019 Senior Notes; |
(ii.)8.250% senior notes, issued August 20, 2010 and due September 1, 2020, or the 2020 Senior Notes; |
(iii.)7.625% senior notes, issued January 26, 2011 and due January 15, 2018, or the 2018 Senior Notes; |
(iv.)7.625% senior notes, issued May 24, 2011 and due May 15, 2019, or the 7.625% 2019 Senior Notes; |
(v.)7.875% senior notes, issued May 24, 2011 and due May 15, 2021, or the 2021 Senior Notes; and |
(vi.)6.625% senior notes, issued September 24, 2012 and due March 15, 2023, or the 2023 Senior Notes. |
The Company periodically enters into supplemental indentures for the purpose of adding entities under the Senior Notes as guarantors. |
The Indentures and the form of notes provide, among other things, that the Senior Notes will be senior unsecured obligations of NRG. The Indentures also provide for customary events of default, which include, among others: nonpayment of principal or interest; breach of other agreements in the Indentures; defaults in failure to pay certain other indebtedness; the rendering of judgments to pay certain amounts of money against NRG and its subsidiaries; the failure of certain guarantees to be enforceable; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs, the Trustee or the Holders of at least 25% in principal amount of the then outstanding series of Senior Notes may declare all of the Senior Notes of such series to be due and payable immediately. The terms of the Indentures, among other things, limit NRG's ability and certain of its subsidiaries' ability to return capital to stockholders, grant liens on assets to lenders and incur additional debt. Interest is payable semi-annually on the Senior Notes until their maturity dates. |
Senior Notes Repurchases |
On December 17, 2012, NRG entered into an agreement with a financial institution to repurchase up to $200 million of the Senior Notes in the open market by February 27, 2013. In the first quarter of 2013, the Company paid $80 million, $104 million, and $42 million, at an average price of 114.179%, 111.700%, and 113.082% of face value, for repurchases of the Company's 2018 Senior Notes, 2019 Senior Notes and 2020 Senior Notes, respectively. A $28 million loss on the debt extinguishment of the 2018 Senior Notes, 2019 Senior Notes and 2020 Senior Notes was recorded during the three months ended March 31, 2013 which primarily consisted of the premiums paid on the repurchases and the write-off of previously deferred financing costs. |
2019 Senior Notes |
Prior to June 15, 2014, NRG may redeem all or a portion of the 2019 Senior Notes at a 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 principal amount of the note over the following: the present value of 104.25% of the note, plus interest payments due on the note from the date of redemption through June 15, 2014, discounted at a Treasury rate plus 0.50%. In addition, on or after June 15, 2014, NRG may redeem some or all of the notes 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 date: |
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Redemption Period | Redemption | | | | | | | | | | | | | |
Percentage | | | | | | | | | | | | | |
June 15, 2014 to June 14, 2015 | 104.25 | % | | | | | | | | | | | | | |
June 15, 2015 to June 14, 2016 | 102.83 | % | | | | | | | | | | | | | |
June 15, 2016 to June 14, 2017 | 101.42 | % | | | | | | | | | | | | | |
June 15, 2017 and thereafter | 100 | % | | | | | | | | | | | | | |
2020 Senior Notes |
Prior to September 1, 2015, NRG may redeem all or a portion of the 2020 Senior Notes at a 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 note; or (ii) the excess of the principal amount of the note over the following: the present value of 104.125% of the note, plus interest payments due on the note from the date of redemption through September 1, 2015, discounted at a Treasury rate plus 0.50%. In addition, on or after September 1, 2015, NRG may redeem some or all of the notes 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 date: |
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Redemption Period | Redemption | | | | | | | | | | | | | |
Percentage | | | | | | | | | | | | | |
On or after September 1, 2015 | 104.125 | % | | | | | | | | | | | | | |
On or after September 1, 2016 | 102.75 | % | | | | | | | | | | | | | |
On or after September 1, 2017 | 101.375 | % | | | | | | | | | | | | | |
September 1, 2018 and thereafter | 100 | % | | | | | | | | | | | | | |
2018 Senior Notes |
Prior to maturity, NRG may redeem all or a portion of the 2018 Senior Notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus a premium and accrued and unpaid interest. The premium is the greater of (i) 1% of the principal amount of the note or (ii) the excess of the present value of the principal amount at maturity plus all required interest payments due on the note through the maturity date discounted at a Treasury rate plus 0.50%. |
7.625% 2019 Senior Notes |
Prior to May 15, 2014, NRG may redeem up to 35% of the aggregate principal amount of the 7.625% 2019 Senior Notes with the net proceeds of certain equity offerings, at a redemption price of 107.625% of the principal amount. Prior to May 15, 2014, NRG may redeem all or a portion of the 7.625% 2019 Senior Notes at a 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 principal amount of the note over the following: the present value of 103.813% of the note, plus interest payments due on the note from the date of redemption through May 15, 2014, discounted at a Treasury rate plus 0.50%. In addition, on or after May 15, 2014, NRG may redeem some or all of the notes 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 date: |
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Redemption Period | Redemption | | | | | | | | | | | | | |
Percentage | | | | | | | | | | | | | |
May 15, 2014 to May 14, 2015 | 103.813 | % | | | | | | | | | | | | | |
May 15, 2015 to May 14, 2016 | 101.906 | % | | | | | | | | | | | | | |
May 15, 2016 and thereafter | 100 | % | | | | | | | | | | | | | |
2021 Senior Notes |
Prior to May 15, 2016, NRG may redeem up to 35% of the aggregate principal amount of the 2021 Senior Notes with the net proceeds of certain equity offerings, at a redemption price of 107.875% of the principal amount. Prior to May 15, 2016, NRG may redeem all or a portion of the 2021 Senior Notes at a 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 principal amount of the note over the following: the present value of 103.938% of the note, plus interest payments due on the note from the date of redemption through May 15, 2016, discounted at a Treasury rate plus 0.50%. In addition, on or after May 15, 2016, NRG may redeem some or all of the notes 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 date: |
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Redemption Period | Redemption | | | | | | | | | | | | | |
Percentage | | | | | | | | | | | | | |
May 15, 2016 to May 14, 2017 | 103.938 | % | | | | | | | | | | | | | |
May 15, 2017 to May 14, 2018 | 102.625 | % | | | | | | | | | | | | | |
May 15, 2018 to May 14, 2019 | 101.313 | % | | | | | | | | | | | | | |
May 15, 2019 and thereafter | 100 | % | | | | | | | | | | | | | |
2023 Senior Notes |
On September 24, 2012, NRG issued $990 million aggregate principal amount at par of 6.625% Senior Notes due 2023, or the 2023 Senior Notes. The 2023 Senior Notes were issued under the Indenture. The Indenture and the form of the notes provide, among other things, that the 2023 Senior Notes will be senior unsecured obligations of NRG. The proceeds, net of issuance costs, of $978 million for the 2023 Senior Notes were used to complete the tender offer of the 2017 Senior Notes. |
Prior to September 15, 2015, NRG may redeem up to 35% of the aggregate principal amount of the 2023 Senior Notes with the net proceeds of certain equity offerings, at a redemption price of 106.625% of the principal amount. Prior to September 15, 2017, NRG may redeem all or a portion of the 2023 Senior Notes at a 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 principal amount of the note over the following: the present value of 103.313% of the note, plus interest payments due on the note from the date of redemption through September 15, 2017, discounted at a Treasury rate plus 0.50%. In addition, on or after September 15, 2017, NRG may redeem some or all of the notes 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 date: |
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Redemption Period | Redemption | | | | | | | | | | | | | |
Percentage | | | | | | | | | | | | | |
September 15, 2017 to September 14, 2018 | 103.313 | % | | | | | | | | | | | | | |
September 15, 2018 to September 14, 2019 | 102.208 | % | | | | | | | | | | | | | |
September 15, 2019 to September 14, 2020 | 101.104 | % | | | | | | | | | | | | | |
September 15, 2020 and thereafter | 100 | % | | | | | | | | | | | | | |
In connection with the 2023 Senior Notes, NRG entered into a registration payment arrangement. For the first 90-day period immediately following a registration default, additional interest will be paid in an amount equal to 0.25% per annum of the principal amount of 2023 Senior Notes outstanding, as applicable. The amount of interest paid will increase by an additional 0.25% per annum with respect to each subsequent 90-day period until all registration defaults are cured, up to a maximum amount of interest of 1.0% per annum of the principal amount of the 2023 Senior Notes outstanding, as applicable. The additional interest is paid on the next scheduled interest payment date and following the cure of the registration default, the additional interest payment will cease. |
Senior Credit Facility |
On June 4, 2013, NRG amended the Term Loan Facility to (i) obtain additional financing of $450 million, which was issued at a discount of 99.5%; and (ii) adjust the interest rate from LIBOR plus 2.50% to LIBOR plus 2.00%. In addition, the Company redeemed and re-issued $407 million of the Term Loan Facility to new lenders resulting in a $7 million loss on debt extinguishment, recorded during the second quarter 2013, which primarily consisted of the write-off of previously deferred financing costs and unamortized discount. The proceeds from the additional $450 million borrowed were used for general corporate purposes. Debt issuance costs of $23 million and a discount on debt issuance of $4 million will be amortized to interest expense through the maturity date of the Term Loan Facility. Repayments under the Term Loan Facility will consist of 0.25% per quarter, with the remainder due at maturity. |
The Company also amended the Revolving Credit Facility to (i) increase the capacity by $211 million to a total of $2.5 billion; (ii) adjust the interest rate to LIBOR plus 2.25%; and (iii) extend the maturity date to July 1, 2018 to coincide with the maturity date of the Term Loan Facility. As a result of the amended Revolving Credit Facility, the Company capitalized debt issuance costs of $4 million, which will be amortized to interest expense through the maturity date of the Revolving Credit Facility. A $3 million loss on debt extinguishment was recorded during the three months ended June 30, 2013 related to the write-off of previously deferred financing costs. As of December 31, 2013, a total of $1.3 billion letters of credit were issued under the Revolving Credit Facility, with $1.2 billion remaining available to be issued. Commitment fees of 0.50% are charged on the unused portion of the Revolving Credit Facility. |
The Senior Credit Facility replaced an existing senior credit facility in 2011, and NRG recorded a $32 million loss on extinguishment, which consisted of the write-off of previously deferred financing costs. |
The Senior Credit Facility is guaranteed by substantially all of NRG's existing and future direct and indirect subsidiaries, with certain customary or agreed-upon exceptions for unrestricted foreign subsidiaries, project subsidiaries, and certain other subsidiaries, including GenOn and its subsidiaries. The capital stock of these guarantor subsidiaries has been pledged for the benefit of the Senior Credit Facility's lenders. |
The Senior Credit Facility is also secured by first-priority perfected security interests in substantially all of the property and assets owned or acquired by NRG and its subsidiaries, other than certain limited exceptions. These exceptions include assets of certain unrestricted subsidiaries, equity interests in certain of NRG's affiliates that have non-recourse debt financing, including GenOn and its subsidiaries, and voting equity interests in excess of 66% of the total outstanding voting equity interest of certain of NRG's foreign subsidiaries. |
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: |
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• | incur indebtedness and liens and enter into sale and lease-back transactions; | | | | | | | | | | | | | | |
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• | make investments, loans and advances; and | | | | | | | | | | | | | | |
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• | return capital to stockholders. | | | | | | | | | | | | | | |
Interest Rate Swaps — NRG entered into interest rate swaps, which became effective on April 1, 2011, and are intended to hedge the risks associated with floating interest rates. The Company pays its counterparty the equivalent of a fixed interest payment on a predetermined notional value, and NRG receives the monthly equivalent of a floating interest payment based on a 1 month LIBOR calculated on the same notional value. All interest rate swap payments by NRG and its counterparty are made monthly and the LIBOR is determined in advance of each interest period. The total notional amount of the swaps, which matured on February 1, 2013, was $900 million with changes in the fair value through June 30, 2011 recorded in OCI and subsequent changes in the fair value reported in interest expense. |
Fort Bend County Tax Exempt Bonds |
On May 3, 2012, NRG executed a $54 million tax-exempt bond financing with a maturity date of May 1, 2038, issued by the Fort Bend County Industrial Development Corporation, or the Fort Bend County Tranche A Bonds. The Fort Bend County Tranche A Bonds will be used for the construction of a peaking unit with one or more components of a carbon capture system at the W.A. Parish Generating Station in Thompsons, TX, or W.A. Parish. The bonds initially bore weekly interest based on the SIFMA rate, and were enhanced by a letter of credit under the Company's Revolving Credit Facility covering amounts drawn. On October 18, 2012, NRG fixed the rate on the Fort Bend County Tranche A Bonds at 4.75% payable semiannually, and the letter of credit was canceled and replaced with an NRG guarantee. As of December 31, 2013 the full $54 million was drawn. |
On October 18, 2012, NRG executed an additional $73 million tax-exempt bond financing, with a maturity date of November 1, 2042, also issued by the Fort Bend County Industrial Development Corporation, or the Fort Bend County Tranche B Bonds. The Fort Bend County Tranche B Bonds will be used for environmental and maintenance upgrades at W.A. Parish. The bonds were issued at a fixed rate of 4.75% payable semiannually, and are supported by an NRG guarantee. The proceeds drawn through December 31, 2013 were $12 million and the remaining balance will be drawn over time as qualifying expenditures are paid. |
NRG Non-Recourse Debt |
The following are descriptions of certain indebtedness of NRG's subsidiaries that are outstanding as of December 31, 2013. 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, 2013, NRG had net assets of $3.2 billion that were deemed restricted for purposes of Rule 4-08(e)(3)(iii) of Regulation S-X. |
The indebtedness described below is non-recourse to NRG, unless otherwise noted. |
GenOn Senior Notes |
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. |
Redemption of 2014 GenOn Senior Notes |
In June 2013, the Company redeemed all of the 2014 GenOn Senior Notes with an aggregate outstanding principal amount of $575 million at a redemption price of 106.778% of face value as well as any accrued and unpaid interest as of the redemption date. In connection with the redemption, an $11 million loss on the debt extinguishment of the 2014 GenOn Senior Notes was recorded during the three months ended June 30, 2013 which primarily consisted of a make whole premium payment offset by the write-off of unamortized premium. |
The GenOn Senior Notes due 2014, which had a face value of $575 million, were recorded at their fair value of $618 million on the GenOn acquisition date. The related $43 million premium was being amortized to interest expense until the notes were redeemed in June 2013, as previously discussed. |
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, 2013, GenOn did not meet the consolidated debt ratio component of the restricted payments test and, therefore, 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, 2013, GenOn net assets of $0 billion were deemed restricted for purposes of Rule 4-08(e)(3)(iii) 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. |
Prior to October 15, 2015, GenOn may redeem the senior notes due 2020, in whole or in part, at a redemption price equal to 100% of the principal amount 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. In addition, on or after October 15, 2015, GenOn may redeem some or all of the notes 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 | % | | | | | | | | | | | | | |
The GenOn Senior Notes due 2018 and 2020, which have a face value of $675 million and $550 million, respectively, were recorded at their fair values of $802 million and $632 million, respectively, on the GenOn acquisition date. The $127 million and $82 million premiums are being amortized to interest expense over the life of the related notes. |
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. |
The GenOn Senior Notes due 2017, which have a face value of $725 million, were recorded at their fair value of $800 million, on the GenOn acquisition date. The $75 million premium is being amortized to interest expense over the life of the notes. |
GenOn Americas Generation Senior Notes |
The GenOn Americas Generation Senior Notes due 2021 and 2031 are senior unsecured obligations of GenOn Americas Generation, a wholly owned subsidiary of NRG, having no recourse to any subsidiary or affiliate of GenOn Americas Generation. |
Prior to maturity, GenOn Americas Generation may redeem all or a part of the senior notes due 2021 and 2031 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) the discounted present value of the then-remaining scheduled payments of principal and interest on the outstanding notes, discounted at a Treasury rate plus 0.375%, less the unpaid principal amount; and (ii) zero. |
The GenOn Americas Generation Senior Notes, which have a face value of $450 million and $400 million, respectively, were recorded at their fair values of $510 million and $437 million, respectively, on the GenOn acquisition date. The $60 million and $37 million premiums are being amortized to interest expense over the life of the related notes. |
NRG Yield, Inc. Convertible Notes |
On February 11, 2014, NRG Yield, Inc. closed on its offering of $300 million aggregate principal amount of 3.50% Convertible Senior Notes due 2019, or the NRG Yield Senior Notes. The initial purchasers exercised their option to purchase up to an additional $45 million in aggregate principal amount of the NRG Yield Senior Notes. NRG Yield, Inc. expects to receive the proceeds in early March. The NRG Yield Senior Notes are convertible, under certain circumstances, into NRG Yield, Inc. common stock, cash or a combination thereof at an initial conversion price of $46.55 per Class A common share, which is equivalent to an initial conversion rate of approximately 21.4822 shares of Class A common stock per $1,000 principal amount of NRG Yield Senior Notes. Interest on the NRG Yield Senior Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2014. The NRG Yield Senior Notes will mature on February 1, 2019, unless earlier repurchased or converted in accordance with their terms. Prior to the close of business on the business day immediately preceding August 1, 2018, the NRG Yield Senior Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. |
Project Financings |
The following are descriptions of certain indebtedness of NRG's project subsidiaries that are outstanding as of December 31, 2013. |
Dandan Financing |
In December 2013, with respect to the Guam solar project, NRG, through its wholly-owned subsidiary, NRG Solar Dandan LLC, or Dandan, entered into a credit agreement with a bank, or the Dandan Financing Agreement, for a $81 million construction loan that converts to a term loan in September 2014 and a $23 million cash grant loan. The construction loans have interest rates of LIBOR plus an applicable margin of 2.25% or base rate plus 1.25% and the cash grant loans have an interest rate of LIBOR plus an applicable margin of 1.75%. The term loan has an interest rate of LIBOR plus an applicable margin of 2.25%, which escalates 0.25% on the fifth, tenth, and fifteenth anniversary of the term conversion. The term loan, which is secured by all the assets of Dandan, matures on the 18th anniversary of the term conversion and amortizes based upon a predetermined schedule. The Dandan Financing Agreement also includes a letter of credit facility on behalf of Dandan of up to $5 million. Dandan pays an availability fee of 2.25% from the closing date until the 5th anniversary of the term conversion date and 2.50% from the 5th anniversary of the term conversion date on issued letters of credit. As of December 31, 2013, $19 million was outstanding under the term loan, and $5 million in letters of credit in support of the project were issued. |
Kansas South Facility |
In the second quarter of 2013, the Company, through its wholly owned subsidiary, NRG Solar PV LLC, acquired Kansas South, a 20 MW utility-scale photovoltaic solar facility located in Kings County, California, shortly before commercial operation. In June 2013, NRG recorded $59 million of non-recourse project level debt under the Kansas South Facility which includes a $38 million term loan due 2031 and a $21 million cash grant bridge loan due the earlier of 10 days after receipt of the cash grant or March 2014. The term loan has an interest rate of 3 month LIBOR plus an applicable margin of 2.625% and increases by 0.25% every four years. The cash grant bridge loan has an interest rate of 1 month LIBOR plus an applicable margin of 2.00%. The term loan amortizes on a predetermined schedule and is secured by all of the assets of Kansas South. As of December 31, 2013, $4 million of letters of credit were issued under the Kansas South Facility. |
NRG Repowering Holdings LLC Facility |
In June 2013, $82 million of letters of credit issued under the NRG Repowering Holdings LLC Facility were returned to the Company. In July 2013, the NRG Repowering Holding LLC Facility was terminated and the Company issued replacement letters of credit under its Revolving Credit Facility. |
Marsh Landing Credit Agreement |
In October 2010, Marsh Landing entered into a credit agreement for up to approximately $650 million of commitments to provide construction and permanent financing for the Marsh Landing generating facility. The credit facility consisted of a $155 million tranche A senior secured term loan facility, due 2017, a $345 million tranche B senior secured term loan facility, due 2023, a $50 million senior secured letter of credit facility to support debt service reserve requirements and a $100 million senior secured letter of credit facility to support collateral requirements under its PPA with PG&E. In May 2013, Marsh Landing met the conditions under the credit agreement to convert the construction loan for the facility to a term loan, which will amortize on a predetermined basis. Prior to term conversion, the Company drew the remaining funds available under the facility in order to pay costs due for construction. The Company issued a $24 million letter of credit under the facility in support of its debt service requirements. As of December 31, 2013, Marsh Landing had $473 million outstanding. |
Avra Valley Financing |
On August 30, 2012, NRG, through its subsidiary, NRG Solar Avra Valley LLC, or Avra Valley, entered into a credit agreement with a bank, or the Avra Valley Financing Agreement, for a $66 million construction loan that converted to a term loan in January 2013 and an $8 million cash grant loan. Both the construction and cash grant loans have interest rates of LIBOR plus an applicable margin of 2.25%. The term loan has an interest rate of LIBOR plus an applicable margin of 2.25%, which escalates 0.25% on the fifth, tenth, and fifteenth anniversary of the term conversion. The term loan, which is secured by all the assets of Avra Valley, matures on the 18th anniversary of the term conversion and amortizes based upon a predetermined schedule. The cash grant was received and the cash grant loan was repaid in June 2013. The Avra Valley Financing Agreement also includes a letter of credit facility on behalf of Avra Valley of up to $4 million. Avra Valley pays an availability fee of 100% of the applicable margin on issued letters of credit. As of December 31, 2013, $63 million was outstanding under the term loan, and $4 million in letters of credit in support of the project were issued. |
Alpine Financing |
On March 16, 2012, NRG, through its wholly-owned subsidiary, NRG Solar Alpine LLC, or Alpine, entered into a credit agreement with a group of lenders, or the Alpine Financing Agreement, for a $166 million construction loan, which converted to a term loan in March 2013, and a $68 million cash grant loan. On January 15, 2013 the credit agreement was amended reducing the cash grant loan to $63 million. The construction loan had an interest rate of LIBOR plus an applicable margin of 2.50% and the cash grant loan has an interest rate of 1 month LIBOR plus an applicable margin of 2.25%. The term loan has an interest rate of LIBOR plus an applicable margin of 2.50%, which escalates 0.25% on the fifth anniversary of the term conversion. The term loan, which is secured by all the assets of Alpine, amortizes based upon a predetermined schedule with final maturity in November 2022. The Alpine Financing Agreement also includes a letter of credit facility on behalf of Alpine of up to $37 million. Alpine pays an availability fee of 100% of the applicable margin on issued letters of credit. As of December 31, 2013, $159 million was outstanding under the term loans, and $37 million in letters of credit in support of the project were issued. In January, 2014, the Company was awarded the full cash grant of $72 million as applied for, relating to the Alpine project, and has received the post-sequestration funds of $66 million, and subsequently repaid the balance of the cash grant loan. |
High Desert Facility |
In the first quarter of 2013, the Company, through its wholly owned subsidiary, NRG Solar PV LLC, acquired High Desert, a 20 MW utility-scale photovoltaic solar facility located in Lancaster, California, shortly before commercial operation. As part of the acquisition of High Desert, NRG recorded $82 million of non-recourse project level debt in March 2013 issued under the High Desert Facility which is comprised of $53 million of fixed rate notes due 2033 at an interest rate of 5.15%, $7 million of floating rate notes due 2023, $22 million of bridge notes due the earlier of 10 days after receipt of the cash grant or May 2014 and a revolving facility of $12 million. The floating rate notes have an interest rate of 3 month LIBOR while the bridge notes have an interest rate of 1 month LIBOR plus 2.50%. The revolving facility can be used for cash or for the issuance of up to $9 million in letters of credit. As of December 31, 2013, $9 million of letters of credit were issued under the revolving facility. The notes amortize on predetermined schedules and are secured by all of the assets of High Desert. |
NRG Yield Revolving Credit Facility |
In connection with the initial public offering of Class A common stock of NRG Yield, Inc. in July 2013, as further described in Note 1, Nature of Business, NRG Yield LLC and its direct wholly owned subsidiary, NRG Yield Operating LLC, entered into a senior secured revolving credit facility, which provides a revolving line of credit of $60 million. The NRG Yield revolving credit facility can be used for cash or for the issuance of letters of credit. There was no cash drawn or letters of credit issued under the NRG Yield revolving credit facility as of December 31, 2013. |
CVSR Financing |
On September 30, 2011, NRG acquired CVSR, as discussed in Note 3, Business Acquisitions and Dispositions. In connection with the acquisition, High Plains Ranch II LLC, a wholly-owned subsidiary of NRG, entered into the CVSR Financing Agreement with the FFB, to borrow up to $1.2 billion to finance the costs of constructing this solar facility. The CVSR Financing Agreement, which matures in 2037, is non-recourse to NRG. Funding requests will be submitted to the FFB on a monthly basis and the loans provided by the FFB are guaranteed by the U.S. DOE. Amounts borrowed under the CVSR Financing Agreement accrue interest at a fixed rate based on U.S. Treasury rates plus a spread of 0.375%, and are secured by the assets of CVSR. As of December 31, 2013, $1,104 million was outstanding under the loan. |
In January 2014, the U.S. Treasury Department awarded the Company cash grants for the CVSR project of $307 million, or $285 million net of sequestration, which was approximately 75% of the cash grant for which the Company had applied. NRG is evaluating the basis for the award and all of its options with respect to recovering the full amount of the award. Proceeds received in January 2014 were utilized to repay the borrowings due on February 5, 2014. |
Under the terms of the CVSR Financing Agreement, on November 17, 2011, CVSR entered into a series of swaptions with a notional value of $686 million, or 80% of the guaranteed term loan amount, in order to hedge the project interest rate risk. These swaptions matured over a series of seven scheduled settlement dates to correspond with the completion dates of the project. As of December 31, 2013, all of the swaptions have expired. |
NRG West Holdings Credit Agreement |
On August 23, 2011, NRG, through its wholly-owned subsidiary, NRG West Holdings LLC, or West Holdings, entered into a credit agreement with a group of lenders in respect to the El Segundo Energy Center, or the West Holdings Credit Agreement. The West Holdings Credit Agreement, which establishes a $540 million, two tranche construction loan facility with additional facilities for the issuance of letters of credit or working capital loans, is secured by the assets of West Holdings. |
The two tranche construction loan facility consists of the $480 million Tranche A Construction Facility, or the Tranche A Facility, and the $60 million Tranche B Construction Facility, or the Tranche B Facility. The Tranche A and Tranche B Facilities, which mature in August 2023, convert to a term loan and have an interest rate of LIBOR, plus an applicable margin which increases by 0.125% periodically from conversion through year eight for the Tranche A Facility and increases by 0.125% upon term conversion and on the third and sixth anniversary of the term conversion and by 0.250% on the eighth anniversary of the term conversion for the Tranche B Facility. The Tranche A and Tranche B Facilities amortize based upon a predetermined schedule over the term of the loan with the balance payable at maturity. |
The West Holdings Credit Agreement also provides for the issuance of letters of credit and working capital loans to support the El Segundo Energy Center collateral needs. This includes letter of credit facilities on behalf of West Holdings of up to $90 million in support of the PPA, up to $48 million in support of the collateral agent, and a working capital facility which permits loans or the issuance of letters of credit of up to $10 million. |
As of December 31, 2013, under the West Holdings Credit Agreement, West Holdings borrowed $480 million under the Tranche A Facility, $32 million under the Tranche B Facility, issued a $33 million letter of credit in support of the PPA, and issued a $1 million letter of credit under the working capital facility. |
Agua Caliente Financing |
On August 5, 2011, NRG acquired Agua Caliente, as discussed in Note 3, Business Acquisitions and Dispositions. In connection with the acquisition, Agua Caliente Solar LLC, a wholly-owned subsidiary of NRG, entered into the Agua Caliente Financing Agreement with the FFB, to borrow up to $967 million to finance the costs of constructing this solar facility. The Agua Caliente Financing Agreement, which matures in 2037, is non-recourse to NRG. Funding requests will be submitted to the FFB on a monthly basis and the loans provided by the FFB are guaranteed by the U.S. DOE. Amounts borrowed under the Agua Caliente Financing Agreement accrue interest at a fixed rate based on U.S. Treasury rates plus a spread of 0.375%, and are secured by the assets of Agua Caliente. As of December 31, 2013, $878 million had been drawn under this agreement. |
Ivanpah Financing |
On April 5, 2011, NRG acquired a majority interest in Ivanpah, as discussed in Note 3, Business Acquisitions and Dispositions. On April 5, 2011, Ivanpah entered into the Ivanpah Credit Agreement with the FFB to borrow up to $1.6 billion to finance the costs of constructing the Ivanpah solar facilities. Each phase of the project is governed by a separate financing agreement and is non-recourse to both the other projects and to NRG. Funding requests are submitted to the FFB on a monthly basis and the loans provided by the FFB are guaranteed by the U.S. DOE. Amounts borrowed under the Ivanpah Credit Agreement accrue interest at a fixed rate based on U.S. Treasury rates plus a spread of 0.375% and are secured by all the assets of Ivanpah. On February 27, 2014, Solar Partners II received an extension with respect to its borrowings previously due in 2014, which are subsequently due in 2015. Solar Partners II intends to submit an application to the U.S. Department of Treasury for a cash grant; any proceeds received will be utilized to repay the borrowings that mature in 2015. |
The following table reflects the borrowings under the Ivanpah Credit Agreement as of December 31, 2013: |
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| Maximum borrowings available under Ivanpah Credit Agreement | | Amounts borrowed | | Weighted average interest rate on amounts borrowed | | | | | |
| (In millions, except rates) | | | | | |
Solar Partners I, due June 27, 2014 (a) | $ | 159 | | | $ | 159 | | | 1.68 | % | | | | | |
| | | | |
Solar Partners I, due June 27, 2033 | 392 | | | 371 | | | 2.808 | % | | | | | |
| | | | |
Solar Partners II, due February 27, 2014 (a) | 132 | | | 132 | | | 1.611 | % | | | | | |
| | | | |
Solar Partners II, due February 27, 2038 | 387 | | | 377 | | | 3.132 | % | | | | | |
| | | | |
Solar Partners VIII, due October 27, 2014 (a) | 117 | | | 116 | | | 1.998 | % | | | | | |
| | | | |
Solar Partners VIII, due October 27, 2038 | 440 | | | 420 | | | 3.097 | % | | | | | |
| | | | |
| $ | 1,627 | | | $ | 1,575 | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | |
(a) | The cash portion of the loan is fully drawn; additional amounts will be utilized for capitalized interest. | | | | | | | | | | | | | | |
Peakers |
In June 2002, NRG Peaker Finance Company LLC, or Peakers, an indirect wholly-owned subsidiary of NRG, issued $325 million in floating rate bonds due June 2019. Peakers subsequently swapped such floating rate debt for fixed rate debt at an all-in cost of 6.67% per annum. Principal, interest, and swap payments were originally guaranteed by Syncora Guarantee Inc., successor in interest to XL Capital Assurance, through a financial guaranty insurance policy. In 2009, Assured Guaranty Mutual Corp assumed the responsibility as the bond insurer and controlling party. Syncora Guarantee Inc. continues to be the swap insurer. These notes are also secured by, among other things, substantially all of the assets of and membership interests in Bayou Cove Peaking Power LLC, Big Cajun I Peaking Power LLC, NRG Sterlington Power LLC, NRG Rockford LLC, NRG Rockford II LLC, and NRG Rockford Equipment LLC. As of December 31, 2013, $165 million in principal remained outstanding on these bonds. Upon emergence from bankruptcy, NRG issued a $36 million letter of credit to Peakers' collateral agent. The letter of credit may be drawn if the project is unable to meet principal or interest payments. There are no provisions requiring NRG to replenish the letter of credit if it is drawn. On December 10, 2012, the collateral agent drew the remaining $4 million on the letter of credit, and NRG contributed $19 million in equity to Peakers to meet its debt service requirements. On December 10, 2013, NRG contributed an additional $32 million in equity to Peakers to meet its debt service requirements. As of December 31, 2013, nothing remains available for additional letters of credit issuances. |
On February 21, 2014, NRG Peaker Finance Company LLC elected to redeem approximately $30 million of the outstanding bonds at a redemption price equal to the principal amount plus a redemption premium, accrued and unpaid interest, and other fees, totaling approximately $35 million in connection with the removal of Bayou Cove Peaking Power LLC from the peaker financing collateral package, which also involved limited commitments for certain repairs on other assets that were funded concurrently with the making of the December 10, 2013 debt service payment. The removal of Bayou Cove Peaking Power LLC from the collateral package provides the Company flexibility on future transactions with respect to this asset. |
|
Interest Rate Swaps — Project Financings |
Many of NRG's project subsidiaries entered into interest rate swaps, intended to hedge the risks associated with interest rates on non-recourse project level debt. These swaps amortize in proportion to their respective loans and are floating for fixed where the project subsidiary pays its counterparty the equivalent of a fixed interest payment on a predetermined notional value and will receive quarterly the equivalent of a floating interest payment based on the same notional value. All interest rate swap payments by the project subsidiary and its counterparty are made quarterly and the LIBOR is determined in advance of each interest period. The following table summarizes the swaps, some of which are forward starting as indicated, related to NRG's project level debt as of December 31, 2013. |
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Non-Recourse Debt | % of Principal | | Fixed Interest Rate | | Floating Interest Rate | | Notional Amount at | | Effective Date | | Maturity Date |
31-Dec-13 |
(In millions) |
NRG Peaker Finance Co. LLC | 100 | % | | 6.673 | % | | 3-mo. LIBOR + 1.07% | | $ | 165 | | | 18-Jun-02 | | 10-Jun-19 |
|
NRG West Holdings LLC | 75 | % | | 2.417 | % | | 3-mo. LIBOR | | 405 | | | 30-Nov-11 | | 31-Aug-23 |
|
South Trent Wind LLC | 75 | % | | 3.265 | % | | 3-mo. LIBOR | | 51 | | | June 15, 2010 | | June 14, 2020 |
|
South Trent Wind LLC | 75 | % | | 4.95 | % | | 3-mo. LIBOR | | 21 | | | June 30, 2020 | | June 14, 2028 |
|
NRG Solar Roadrunner LLC | 75 | % | | 4.313 | % | | 3-mo. LIBOR | | 33 | | | September 30, 2011 | | December 31, 2029 |
|
NRG Solar Alpine LLC | 85 | % | | 2.744 | % | | 3-mo. LIBOR | | 135 | | | December 31, 2012 | | December 31, 2029 |
|
NRG Solar Avra Valley LLC | 90 | % | | 2.333 | % | | 3-mo. LIBOR | | 56 | | | November 30, 2012 | | November 30, 2030 |
|
NRG Marsh Landing | 75 | % | | 3.244 | % | | 3-mo. LIBOR | | 472 | | | June 28, 2013 | | June 30, 2023 |
|
Other | 75 | % | | various | | | various | | 104 | | | various | | various |
|
Consolidated Annual Maturities |
Annual payments based on the maturities of NRG's debt, for the years ending after December 31, 2013, are as follows: |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| (In millions) | | | | | | | | | | | | |
2014 | $ | 1,045 | | | | | | | | | | | | | |
| | | | | | | | | | | |
2015 | 254 | | | | | | | | | | | | | |
| | | | | | | | | | | |
2016 | 270 | | | | | | | | | | | | | |
| | | | | | | | | | | |
2017 | 1,034 | | | | | | | | | | | | | |
| | | | | | | | | | | |
2018 | 4,035 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Thereafter | 10,166 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total | $ | 16,804 | | | | | | | | | | | | | |
| | | | | | | | | | | |
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