Christmas came early for NRG Energy in 2003. First, the company emerged from bankruptcy protection earlier this month and last Tuesday NRG closed on a $2.7 billion financing package.

The package includes $1.25 billion of 8% second priority senior secured notes due 2013 and a $1.45 billion credit facility that includes both a $1.2 billion senior secured term loan facility due 2010 and a $250 million revolving credit facility. NRG increased the originally contemplated size of the financing by $500 million from $2.2 billion to $2.7 billion.

The proceeds from this transaction will be used to:

In accordance with the plan of reorganization for NRG Northeast Generating and NRG South Central Generating, the completion of these financing transactions allows the operating subsidiaries to emerge from bankruptcy, effective Tuesday. The subsidiaries’ plan of reorganization was approved by the U.S. Bankruptcy Court for the Southern District of New York on November 25.

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