NRG Energy Inc.pulled off a respectable first day on the New York Stock Exchange, asthe independent power subsidiary of Northern States Power saw itsinitial public offering (IPO) close well above its set price of$15. NRG opened at $15.88 and closed the day at $16.63 on a volume of8.1 million shares.
NRG jumped in where others have backpedaled recently in light ofstock market uncertainty and lagging interest in IPOs. Duke EnergyField Services (DEFS), a wholly owned subsidiary of Duke Energy andPhillips Petroleum, announced the postponement last Friday of itsIPO because of “volatile market conditions.”
The net proceeds to NRG are expected to be approximately $449million, which will be used to repay a loan from Citicorp USA Inc.The loan was used to fund a portion of the purchase price of the Cajunfacilities acquired in March 2000. The remaining net proceeds will beused for pending acquisition of generation assets from Conectiv, thedevelopment and construction of new facilities and additions toworking capital (see Daily GPI, April20).
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