NRG Energy offering $700M in 10-year notes
NRG Energy Inc. of Princeton, which is battling a $6.2 billion hostile takeover attempt by Exelon Corp., said it would begin a public offering today of $700 million 10-year senior notes.
NRG Energy Inc. of Princeton, which is battling a $6.2 billion hostile takeover attempt by Exelon Corp., said it would begin a public offering today of $700 million 10-year senior notes.
The company said it would use the proceeds to get out of another credit agreement that is supporting its retail energy business.
A lawsuit by NRG against Exelon went to trial yesterday in New York. Lawyers for NRG have argued that Exelon cannot afford to complete the takeover because it would significantly increase Exelon's debt.
In early afternoon trading on the New York Stock Exchange, Exelon shares were down 5 cents (0.10 percent) to $49.22, and NRG shares were up 25 cents (1.05 percent) to $23.97. - Harold Brubaker