NRG Energy Inc. plans an offering of senior secured first lien notes in an offering to reduce the outstanding amount under its senior first priority secured term loan.

The notes planned for the offering consist of senior secured first lien notes due 2024 and senior secured first lien notes due 2029, according to a May 20 release.

The company said the notes will be secured by a first priority security interest in the same collateral pledged for the benefit of the lenders under NRG's credit agreement. The collateral will be released if two out of three rating agencies give an investment grade rating, subject to reversion if the agencies withdraw or downgrade the investment grade rating.