PRINCETON, N.J.--(BUSINESS WIRE)--Jun. 23, 2015--
NRG Yield, Inc. (NYSE: NYLD, NYLD.A) ("NRG Yield" or the "Company")
today announced it has priced the previously announced public offering
of 24,520,000 shares of its Class C common stock at a price of $22.00
per share. In addition, the underwriters have a 30-day option to
purchase up to an additional 3,678,000 shares of Class C common stock
from the Company at the public offering price.
The Company intends to use all of the net proceeds of the offering to
acquire newly issued Class C units of NRG Yield LLC (“Yield LLC”). Yield
LLC intends to use the net proceeds of the offering, together with cash
on hand: (i) to fund the Company’s $285 million acquisition of a 25%
equity interest in the Desert Sunlight solar facilities; and (ii) if
consummated, to repay a portion of the $490 million of outstanding
project debt associated with the Company’s Alta X and XI wind
facilities, which has an interest rate of LIBOR plus 2% and a maturity
date of 2021, in connection with the proposed tax equity financing of
such assets. Any funds remaining are expected to be used, or in the
event that either the Desert Sunlight acquisition or the Alta X and Alta
XI tax equity financing are not consummated for any reason, such funds
are expected to be used for repayment of other indebtedness, including
under the Company’s revolving credit facility, and for general corporate
purposes, including future acquisitions of additional assets from NRG or
third parties.
Goldman, Sachs & Co., BofA Merrill Lynch, Citigroup Global Markets Inc.,
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan
Stanley & Co. LLC and RBC Capital Markets, LLC are acting as joint book
runners for the offering. Barclays Capital Inc., Deutsche Bank
Securities Inc., KeyBanc Capital Markets Inc. and Mitsubishi UFJ
Securities (USA), Inc. are acting as co-managers for the offering.
A shelf registration statement (including a prospectus) relating to the
offering has been filed with the SEC and has become effective. You
should read the prospectus in that registration statement and the
applicable prospectus supplement and other documents the Company has
filed or will file with the SEC for more complete information about the
Company and the offering. You may get these documents for free by
visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, the Company, any underwriter or any dealer participating
in the offering will arrange to send you the prospectus relating to the
offering if you request it by contacting Goldman, Sachs & Co.,
Prospectus Department, 200 West Street, New York, NY 10282, telephone:
1.866.471.2526, facsimile: 1.212.902.9316 or by emailing prospectus-ny@ny.email.gs.com;
BofA Merrill Lynch, Prospectus Department, 222 Broadway, New York, New
York 10038 or by emailing dg.prospectus_requests@baml.com;
Citigroup Global Markets Inc., c/o Broadridge Financial Services, 1155
Long Island Avenue, Edgewood, NY 11717 or by calling (800) 831-9146 or
by emailing prospectus@citi.com;
Morgan Stanley, Morgan Stanley Prospectus Department, 180 Varick Street,
2nd Floor, New York, NY 10014, Attn: Prospectus Department; J.P. Morgan
via Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, New
York, 11717, Telephone: (866) 803-9204 or by e-mailing prospectus-eq_fi@jpmchase.com;
Credit Suisse Securities (USA) LLC, Prospectus Department
(1-800-221-1037), One Madison Avenue, New York, New York 10010; or RBC
Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY
10281-8098; Attention: Equity Syndicate; Phone: 877-822-4089; Email: equityprospectus@rbccm.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About NRG Yield
NRG Yield owns a diversified portfolio of contracted renewable and
conventional generation and thermal infrastructure assets in the U.S.,
including fossil fuel, solar and wind power generation facilities that
provide the capacity to support more than one million American homes and
businesses. Our thermal infrastructure assets provide steam, hot water
and/or chilled water, and in some instances electricity, to commercial
businesses, universities, hospitals and governmental units in ten
locations.
Forward-Looking Statement
This communication contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Forward-looking statements are
subject to certain risks, uncertainties and assumptions and typically
can be identified by the use of words such as “expect,” “estimate,”
“should,” “anticipate,” “forecast,” “plan,” “guidance,” “believe” and
similar terms. Although NRG Yield, Inc. believes that the expectations
are reasonable, it can give no assurance that these expectations will
prove to have been correct, and actual results may vary materially.
Factors that could cause actual results to differ materially from those
contemplated above include, among others, general economic conditions,
the condition of capital markets generally, and our ability to access
capital markets.
NRG Yield undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The foregoing review of factors that could
cause NRG Yield’s actual results to differ materially from those
contemplated in the forward-looking statements included in this news
release should be considered in connection with information regarding
risks and uncertainties that may affect NRG Yield’s future results
included in NRG Yield’s filings with the Securities and Exchange
Commission at www.sec.gov.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150623006727/en/
Source: NRG Yield, Inc.
NRG Yield
Media:
Karen Cleeve, 609-524-4608
or
Investors:
Matt
Orendorff, 609-524-4526
Lindsey Puchyr, 609-524-4527
