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Slide #98. NRG Energy — Edison Mission Energy
NRG Energy (NYSE:NRG)
Edison Mission Energy
NRG Energy, Inc. (NYSE:NRG) has entered into a plan sponsor agreement with Edison Mission Energy (EME), certain of EME's subsidiaries, the unsecured creditors committee, certain of EME's unsecured noteholders, and the parties to the Powerton and Joliet sale leaseback transaction to acquire substantially all of the assets of EME, including its equity interests in certain of its subsidiaries, for an aggregate purchase price of $2,635 million (or $1,572 million net of $1,063 million retained cash within EME). The aggregate purchase price, which is subject to certain post-closing adjustments, will consist of approximately 12.7 million shares of NRG common stock (valued at $350 million based upon the volume-weighted average trading price of the 20 trading days prior to October 18, 2013) with the balance to be paid in cash on hand. In connection with the transaction, NRG will also assume non-recourse debt of approximately $1,545 million, of which $273 million is associated with assets designated as Non-Core Assets pursuant to the asset purchase agreement.
NRG Energy is a power company. Co. produces and sells electricity and related products and services in primary power markets in the United States and Canada. Co. sells energy, services, and sustainable products and services directly to retail customers under the brand names NRG, Reliant, Green Mountain Energy, Stream and XOOM Energy, as well as other brand names owned by Co. Co.'s segments are: Texas, which includes all activity related to customer, plant and market operations in Texas; East, which includes the remaining activity related to customer operations and all activity related to plant and market operations in the East; and West/Other.
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Strong Buy (3.60 out of 4)