NRG issues $2.6B notes at 4.955%-6.125%, launches tender for $1.5B Lightning 7.250% notes

NRG ENERGY, INC.

$500M 4.955% secured notes due 2031; $1.05B 5.875% unsecured notes due 2034; $1.05B 6.125% unsecured notes due 2036.
Proceeds plus $900M new term loan B to repay revolver and fund tender for Lightning's $1.5B 7.250% notes due 2032.
Tender offer at $1,063.75/$1k par ($50 early premium); early deadline Apr 27, 2026; consent to eliminate covenants and release collateral.
Offerings and tender not cross-conditioned; new debt guaranteed by NRG's wholly-owned U.S. subsidiaries.

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