NRG Energy, Inc. (NYSE: NRG) announced today the pricing of an underwritten public offering of 14,300,000 shares of its common stock held by certain affiliates of LS Power at a price of $164.00 per share, for total gross proceeds to the Selling Stockholders of approximately $2,345,200,000, before deducting underwriting discounts and commissions.
These shares were part of the consideration the Selling Stockholders received from NRG in connection with the recently closed acquisition of the LS Power portfolio entities on January 30.
NRG will not receive any proceeds from the sale of the shares by the Selling Stockholders. The Secondary Offering is expected to close on March 4, subject to customary closing conditions. The Selling Stockholders have also granted the underwriters a 30-day option to purchase up to an additional 2,145,000 shares of common stock.
Barclays and Citigroup are acting as joint book-running managers for the Secondary Offering. J.P. Morgan and RBC Capital Markets are also acting as bookrunners, and BMO Capital Markets, Mizuho, MUFG, Scotiabank and SMBC Nikko are acting as co-managers for the Secondary Offering.
In addition, NRG has entered into a stock purchase agreement with the Selling Stockholders to repurchase $300 million of its common stock in a private transaction at the price per share equal to the public offering price.
NRG shares capsized $13.57, or 7.7%, to $162.01.
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