NRG Energy announced a comprehensive debt restructuring plan on October 15, 2024, aimed at simplifying its capital structure and extending debt maturity. The plan includes a cash tender offer for $600M of APX Group's 6.75% senior secured notes due 2027 and an exchange offer for $800M of APX's 5.75% senior notes due 2029.To fund these transactions, NRG intends to issue up to $1.5B in new unsecured senior debt, subject to market conditions. The company expects the financing to be leverage neutral and will use the proceeds to pay the tender offer, repay a portion of APX's term loan, and refinance NRG debt. The restructuring aims to move APX's debt to NRG, allowing full integration of Vivint Smart Home into NRG's core portfolio.The tender offer expires on November 13, 2024, with an early tender deadline of October 28, 2024. Holders tendering by the early deadline will receive an additional $50 per $1,000 principal amount. NRG is also seeking consent to amend the notes' indentures, eliminating most restrictive covenants and releasing collateral for the 2027 notes.

NRG Energy announced a comprehensive debt restructuring plan on October 15, 2024, aimed at simplifying its capital structure and extending debt maturity. The plan includes a cash tender offer for $600M of APX Group's 6.75% senior secured notes due 2027 and an exchange offer for $800M of APX's 5.75% senior notes due 2029.To fund these transactions, NRG intends to issue up to $1.5B in new unsecured senior debt, subject to market conditions. The company expects the financing to be leverage neutral and will use the proceeds to pay the tender offer, repay a portion of APX's term loan, and refinance NRG debt. The restructuring aims to move APX's debt to NRG, allowing full integration of Vivint Smart Home into NRG's core portfolio.The tender offer expires on November 13, 2024, with an early tender deadline of October 28, 2024. Holders tendering by the early deadline will receive an additional $50 per $1,000 principal amount. NRG is also seeking consent to amend the notes' indentures, eliminating most restrictive covenants and releasing collateral for the 2027 notes.