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BULLETIN: NRG Energy's Share Repurchase Program Does Not Affect Rating
Standard & Poors, Aug 2006
Abstract
NEW YORK (Standard & Poor's) Aug. 1, 2006--Standard & Poor's Rating Services said today that NRG Energy Inc.'s (B+/Stable/B-2) announced plan to create a bankruptcy-remote special purpose entity (SPE) as a vehicle for repurchasing common stock does not affect the rating on the company. The share repurchase program's novel structure will initially be funded with cash and should shield it from having to issue debt to support the repurchases. The SPE will repurchase shares using cash capital infusions from NRG and a subsidiary of Credit Suisse (CS). These contributions will be made in a two-to-one ratio of CS funds to NRG funds. NRG's contribution will be $166 million, a portion of which will fund interest and dividends payable to CS...
Companies mentioned in this report are: NRG Energy Inc.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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