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NRG Energy's Proposed $400 Million Issue Assigned 'CCC+' Rating
Standard & Poors, December 2004
NEW YORK (Standard & Poor's) Dec. 14, 2004--Standard & Poor's Ratings Services assigned its 'CCC+' rating to NRG Energy Inc.'s (NRG; B+/Stable/--) proposed $400 million convertible perpetual preferred stock. The outlook is stable. The proceeds of the preferred stock issuance will be used to redeem a portion of NRG's outstanding second priority notes due 2013. In addition, NRG will repurchase 13 million shares of common stock held by investment partnerships managed by MatlinPatterson Global Advisors LLC using available cash. NRG, previously a 100% owned subsidiary of Xcel Energy Inc., emerged from bankruptcy on Dec. 5, 2003, and has operated for one year. It is engaged in the ownership and operation of power generating facilities, primarily in the U.S. merchant power...
Companies mentioned in this report are: NRG Energy Inc.
Action: New Rating
Action: Outlook: Stable
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.
NRG Energy Inc.