PRINCETON, N.J.--(BUSINESS WIRE)--Jun. 25, 2015--
NRG Yield, Inc. (NYSE:NYLD, NYLD.A) ("NRG Yield" or the "Company") today
announced that, in connection with its previously announced offering of
$250 million in aggregate principal amount of its 3.25% convertible
senior notes due 2020 (the "Notes"), the underwriters of the offering
have exercised in full their option to purchase an additional $37.5
million in aggregate principal amount of the Notes (the “Additional
Notes”), bringing the total aggregate principal amount of Notes sold in
the offering to $287.5 million. The closing of the offering is expected
to occur on June 29, 2015, subject to customary closing conditions.
The Additional Notes will be fully and unconditionally guaranteed on a
senior basis by NRG Yield LLC and NRG Yield Operating LLC (“Yield
Operating LLC”), the direct and indirect subsidiaries of the Company,
respectively. NRG Yield will lend the net proceeds from this offering to
Yield Operating LLC, and Yield Operating LLC intends to use a portion of
the proceeds to repay outstanding indebtedness under the revolving
credit facility and a portion of the project indebtedness associated
with the Company’s Alta X and Alta XI wind facilities. Any remaining
proceeds will be used for general corporate purposes, including the
acquisition of assets from NRG Energy, Inc. or other third parties,
although NRG Yield does not currently have any agreements to do so in
place.
Goldman, Sachs & Co., RBC Capital Markets, LLC, BofA Merrill Lynch,
Barclays Capital Inc., Citigroup Global Markets Inc. and Morgan Stanley
& Co. LLC are acting as the joint book-running managers for the
offering. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities
Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc. and
Mitsubishi UFJ Securities (USA), Inc. are acting as co-managers for the
offering.
The Additional Notes and related guarantees are being offered only to
qualified institutional buyers in reliance on Rule 144A under the
Securities Act of 1933, as amended (the "Securities Act"). The
Additional Notes and related guarantees have not been registered under
the Securities Act or the securities laws of any other jurisdiction and
may not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements. This notice
does not constitute an offer to sell the Additional Notes, nor a
solicitation for an offer to purchase the Additional Notes.
Safe Harbor Disclosure
This news release 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. Such forward-looking statements are
subject to certain risks, uncertainties and assumptions and include NRG
Yield’s expectations regarding the anticipated benefits of the
acquisition of Desert Sunlight and typically can be identified by the
use of words such as “expect,” “estimate,” “anticipate,” “forecast,”
“plan,” “believe” and similar terms. Although NRG Yield believes that
its 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, hazards customary in the power industry, weather
conditions, competition in wholesale power markets, the volatility of
energy and fuel prices, failure of customers to perform under contracts,
changes in the wholesale power markets, changes in government regulation
of markets, the condition of capital markets generally, our ability to
access capital markets, unanticipated outages at our generation
facilities, adverse results in current and future litigation, failure to
successfully close the Desert Sunlight acquisition (including receipt of
third party consents and regulatory approvals), failure to identify or
successfully execute other acquisitions, NRG Yield’s ability to enter
into new contracts as existing contracts expire, NRG Yield’s ability to
acquire assets from NRG Energy, Inc. or third parties, NRG Yield’s
ability to close drop-down transactions, and NRG Yield’s ability to
maintain and grow its quarterly dividends.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150625005601/en/
Source: NRG Yield, Inc.
NRG Yield, Inc.
Media:
Karen Cleeve, 609-524-4608
or
Investors:
Matt
Orendorff, 609-524-4526
Lindsey Puchyr, 609-524-4527