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NRG Yield Operating seeks consent to amend senior notes

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Essential Energy Insights - January 2021


NRG Yield Operating seeks consent to amend senior notes

NRG Yield Operating LLC is soliciting consents from holders of its 5.375% senior notes due 2024 and 5.000% senior notes due 2026 to amend indentures governing the notes.

The consent solicitation is being made in connection with NRG Energy Inc.'s sale of its interests in NRG Yield Inc. to Global Infrastructure Partners.

The proposed amendment would change the definition of "change of control" in each of the indentures. This would eliminate NRG Yield Operating's obligation to make an offer to repurchase the notes at 101% of the principal amount plus accrued and unpaid interest in the event of a "change of control triggering event."

Global Infrastructure Partners is providing the funds to make the consent payment of approximately $1.3 million for the 2024 notes and $875,000 for the 2026 notes to their respective holders. The consent payment for each series of notes will range from $2.50 per $1,000 principal amount, if all holders consent, to $5 per $1,000, if only a majority consent.

The consent payment will be made concurrently with the consummation of the NRG Yield deal.

D.F. King & Co. Inc. will serve as information and tabulation agent for the consent solicitation.