NRG Yield Operating LLC, a subsidiary of US yieldco NRG Yield Inc (NYSE:NYLD), yesterday priced its USD-350-million (EUR 318m) offering of senior notes that it announced earlier on Monday.
The 5% notes will mature on September 15, 2026, it said. They will be senior unsecured obligations of Yield Operating, guaranteed by NRG Yield, an owner of a portfolio of renewable, conventional and thermal assets.
Yield Operating will use the funds to repay all outstanding borrowings under its revolving credit facility, with the remaining proceeds to be used for general corporate purposes, including acquisitions and investments, according to the announcements.
The offering is expected to close on August 18. It follows news last week that bankrupt US renewables company SunEdison (OTCMKTS:SUNEQ) wants to make NRG Energy Inc (NYSE:NRG) the stalking horse bidder in a sale process for several solar and wind projects (http://renewables.seenews.com/news/sunedison-favours-usd-144m-bid-from-nrg-for-us-projects-report-535800). NRG Energy has offered to pay USD 144 million for projects in California, Hawaii, Maine, Texas, Utah and Washington, with the proposal also including milestone payments of up to USD 44 million, according to court papers seen by Wall Street Journal.
(USD 1.0 = EUR 0.909)
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