NRG · 10-Q · 2026Q2 · Full report
Outstanding Indebtedness
NRG ENERGY, INC. · 2026-08-04 · Importance 84 · Surprise 74 · Contradicted
NRG’s total long-term debt, including current maturities, increased to $23.392 billion at June 30, 2026, from $16.576 billion at December 31, 2025. The company acquired $3.2 billion of LS Power debt in connection with the LSP Portfolio acquisition, including 7.250% senior secured notes, the Lightning Term Loan and the Lightning Revolving Facility. On April 28, 2026, NRG issued $2.1 billion of senior unsecured notes due 2034 and 2036 and issued additional senior secured notes, while also entering into incremental term loans. The proceeds were used to fund the Lightning debt tender offer, transaction costs and premiums, and repay part of the Revolving Credit Facility.
Key facts
- On April 28, 2026, the Company issued $2.1 billion in aggregate principal amount of the New Unsecured Notes source
- On April 28, 2026, the Company issued $500 million aggregate principal amount of the New 2031 Notes (senior secured) source
- On April 28, 2026, the Company issued $2.1 billion aggregate principal amount of senior unsecured notes consisting of $1.05 billion of 5.875% notes due 2034 and $1.05 billion of 6.125% notes due 2036. source
- Lightning Credit Agreement initial aggregate principal amounts: Lightning Term Loan original aggregate principal amount $1.75 billion and Lightning Revolving Facility $[amount] million (revolving facility amount redacted). source
- On April 28, 2026, NRG issued $2.1 billion in aggregate principal amount of the New Unsecured Notes. source
- On April 28, 2026, the Company issued aggregate principal amount of 4.955% senior secured first lien notes due 2031 (New 2031 Notes) (specific $ redacted in excerpt). source
- Subtotal recourse debt as of June 30, 2026: $21,673 million (compared to $16,576 million at December 31, 2025). source
- Subtotal long-term debt (including current maturities) as of June 30, 2026: $23,392 million (compared to $16,576 million at December 31, 2025). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -54.4% | Long-term debt and finance leases, non-current as of June 30, 2026: $21,744 million. |
| liability | negative | realized | -13.3% | Total long-term debt and finance leases after adjustments as of June 30, 2026: $21,744 million (compared to $16,412 million at December… |
| liability | negative | realized | -12.8% | Subtotal recourse debt as of June 30, 2026: $21,673 million (compared to $16,576 million at December 31, 2025). |
| liability | negative | realized | -5.3% | On April 28, 2026, the Company issued $2.1 billion aggregate principal amount of senior unsecured notes consisting of $1.05 billion of… |
| liability | negative | realized | -4.4% | Lightning Credit Agreement initial aggregate principal amounts: Lightning Term Loan original aggregate principal amount $1.75 billion and… |
| liability | negative | realized | -1.3% | On April 28, 2026, the Company issued $500 million aggregate principal amount of the New 2031 Notes (senior secured) |
| liability | negative | realized | -1.1% | NRG’s pro-rata share of non-recourse debt for Ivanpah was approximately $461 million as of June 30, 2026 |
| liability | positive | realized | +0.0% | Term Loan B amounts: carrying amount June 30, 2026 $2,287 million and December 31, 2025 $2,299 million, priced at SOFR + 1.750%. |
| liability | negative | realized | — | On April 28, 2026, NRG and APX Group LLC entered into the Sixteenth Amendment to the Credit Agreement (Term Loan B incurrence). |
| liability | positive | realized | — | On the Acquisition Closing Date, Lightning remained the issuer of the Lightning 2032 Notes and during Q2 2026 Lightning completed the… |
| liability | negative | realized | — | As of June 30, 2026 Unsecured Senior Notes outstanding: $12.0 billion (as listed in Note 7). |
| liability | negative | realized | — | As of June 30, 2026 total long-term debt including current portion carrying amount: $23,388 million and fair value: $23,020 million. |