Research Update: GenOn Energy Inc. Assigned Prelim 'B' Corp Cred Rtg; 'BB-' Prelim Rtg Assigned To Sec Cred Facs Sep 10
- ID: 1806009
- September 2010
- Standard & Poors
We are assigning our preliminary 'B' corporate credit rating (CCR) to GenOn Energy Inc. (GenOn), the company that will be formed after the merger of Mirant Corp. (Mirant; B+/Watch Neg/--) and RRI Energy Inc. (RRI; B/Watch Pos/--), and our 'B' CCR to GenOn Escrow Corp. (GenOn Escrow), a 100% subsidiary of Mirant created to issue the $1.4 billion unsecured notes offering. We are assigning our preliminary 'BB-' rating and preliminary '1' recovery rating to the proposed $500 million secured term loan and $1 billion secured revolving credit facility at GenOn. We are assigning our 'B' rating and '4' recovery rating to the proposed $1.4 billion unsecured notes issue at GenOn Escrow. Proceeds will be used to refinance certain indebtedness at...
Companies mentioned in this report are:
- GenOn Escrow Corp.
- GenOn Energy Holdings Inc.
- GenOn Energy Inc.
Action: New Rating
Action: Outlook: Stable
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Product Type: Research Update
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