NRG ENERGY, INC. (NRG): M&A transaction — NRG completes $2.6B acquisition of Vivint Smart Home; $12/share cash

NRG ENERGY, INC.

Acquisition closed March 10, 2023; Vivint shareholders receive $12.00 per share in cash.
Total consideration of approx. $2.6 billion funded via $740M secured notes, $650M preferred stock, and other sources.
Combined company serves ~7.3 million customers across North America.
NRG issued 650,000 shares of 10.25% Series A Preferred Stock with $1,000 liquidation preference.
NRG issued $740M of 7.000% senior secured notes due 2033 to help fund the deal.

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Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NRG ENERGY, INC. incurred senior notes of $740.0 million aggregate principal amount with initial purchasers at 7.000% maturing due 2033.

Instrument: senior notes
Principal: $740.0 million aggregate principal amount
Counterparty: initial purchasers
Rate: 7.000%
Maturity: due 2033
Event: incurrence

Exact text from the filing

the Company completed the sale of $740.0 million aggregate principal amount of 7.000% senior secured first lien notes due 2033

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

NRG ENERGY, INC. completed an acquisition involving Vivint Smart Home, Inc. for $12.00 in cash (closed 2023-03-10).

Action: acquisition
Counterparty: Vivint Smart Home, Inc.
Consideration: $12.00 in cash
Closing: 2023-03-10

Exact text from the filing

023 (the “Closing Date”), of the acquisition of Vivint Smart Home, Inc., a Delaware corporation (“Vivint”), by NRG Energy, Inc., a Delaware corporation (the “Company”), pursuant to the previously disclosed Agreement and Plan

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NRG ENERGY, INC. entered into Supplemental Indenture with Deutsche Bank Trust Company Americas valued at $740.0 million aggregate principal amount of 7.000% senior secured first lien notes due 2033 (effective 2023-03-09).

Action: entry
Agreement: notes offering
Counterparty: Deutsche Bank Trust Company Americas
Value: $740.0 million aggregate principal amount of 7.000% senior secured first lien notes due 2033
Effective: 2023-03-09

Exact text from the filing

On March 9, 2023, the Company completed the sale of $740.0 million aggregate principal amount of 7.000% senior secured first lien notes due 2033 (the “Notes”) pursuant to the terms of a purchase agreement, dated March 2, 2023, among the Company, the guarantors named therein and the initial purchasers named therein (the “Initial Purchasers”).

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NRG ENERGY, INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-030928

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