NRG · 10-Q · 2026Q3 · Full report
Outstanding Indebtedness
NRG ENERGY, INC. · 2026-11-09 · Importance 58 · Surprise 42 · From source text
On April 28, 2026, NRG and APX Group established $900 million of new term loans under the Sixteenth Amendment to the Credit Agreement. That day, NRG issued $2.1 billion of new senior unsecured notes and $500 million of new senior secured notes due 2031. In January and February 2026, amendments increased bilateral letter-of-credit facilities by $410 million and $90 million; $655 million was issued under those facilities as of September 30, 2026.
Key facts
- NRG acquired $3.2 billion in aggregate principal of LS Power debt, including 7.250% Senior Secured Notes due 2032, the Lightning Term Loan and Lightning Revolving Facility. source
- On April 28, 2026, NRG issued $2.1 billion of senior unsecured notes: $1.05 billion of 5.875% notes due 2034 and $1.05 billion of 6.125% notes due 2036. source
- On April 28, 2026, NRG issued $2.1 billion in aggregate principal amount of new senior unsecured notes. source
- On April 28, 2026, NRG issued $2.1 billion aggregate principal amount of New Unsecured Notes. source
- On April 28, 2026, NRG and APX Group established new term loans with aggregate principal of $900 million. source
- Lightning’s term loan had an original principal amount of $1.75 billion and matures August 16, 2031; its revolving facility matures August 16, 2029. source
- On April 28, 2026, NRG issued $500 million in aggregate principal amount of new senior secured notes due 2031. source
- On April 28, 2026, NRG and APX Group LLC established new term loans with an aggregate principal amount of $900 million under the Sixteenth Amendment to the Credit Agreement. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -13.5% | NRG reported $21.844 billion of long-term debt and finance leases as of September 30, 2026, compared with $16.412 billion as of December… |
| cash | positive | realized | +9.3% | NRG received $3.754 billion of proceeds from issuance of long-term debt during the nine months ended September 30, 2026. |
| liability | negative | realized | -9.3% | NRG received $3.754 billion of proceeds from issuance of long-term debt during the nine months ended September 30, 2026. |
| liability | negative | realized | -7.9% | NRG acquired $3.2 billion in aggregate principal of LS Power debt, including 7.250% Senior Secured Notes due 2032, the Lightning Term Loan… |
| liability | negative | realized | -5.2% | On April 28, 2026, NRG issued $2.1 billion of senior unsecured notes: $1.05 billion of 5.875% notes due 2034 and $1.05 billion of 6.125%… |
| cash | negative | realized | -3.8% | NRG repaid $1.544 billion of long-term debt and finance leases during the nine months ended September 30, 2026. |
| liability | positive | realized | +3.8% | NRG repaid $1.544 billion of long-term debt and finance leases during the nine months ended September 30, 2026. |
| liability | negative | realized | -2.2% | On April 28, 2026, NRG and APX Group established new term loans with aggregate principal of $900 million. |