MINNEAPOLIS, Minn., Jan. 2, 2003 — NRG Energy Inc. announced recently that, on December 27, NRG made the $24.7 million interest payment due on its NRG Northeast Generating LLC bond series and deferred the $53.5 million principal payment.
As previously announced on December 19, 2002, NRG deferred approximately $78 million in combined principal and interest payments on the Northeast Generating LLC bond series and the company had until December 30 to make payment. The NRG Northeast Generating LLC bonds include 8.06 percent Series A-1 senior secured bonds due 2004, 8.84 percent Series B-1 senior secured bonds due 2015 and 9.29 percent Series C-1 senior secured bonds due 2024.
“NRG is continuing to negotiate with all of its lenders in the context of a comprehensive restructuring plan,” said Richard C. Kelly, NRG president and chief operating officer. “We intend to address the $53.5 million principal payment as part of the broader plan.”
NRG Northeast Generating LLC bond series are non-recourse to NRG and Xcel Energy.
NRG Energy, a wholly owned and unregulated subsidiary of Xcel Energy, develops and operates power generating facilities.
NRG’s operations include competitive energy production and cogeneration facilities, thermal energy production and energy resource recovery facilities.
Xcel Energy is a major U.S. electricity and natural gas company with regulated operations in 12 Western and Midwestern states. The company provides a comprehensive portfolio of energy-related products and services to 3.2 million electricity customers and 1.7 million natural gas customers through its regulated operating companies. In terms of customers, it is the fourth-largest combination natural gas and electricity company in the U.S. Company headquarters are located in Minneapolis.