NRG Energy, Inc. (ticker: NRG, exchange: New York Stock Exchange (.N))
News Release -
Interest Payment Made on NRG Northeast Generating LLC Bonds
MINNEAPOLIS (December 30, 2002) -- NRG Energy, Inc., a wholly
owned subsidiary of Xcel Energy (NYSE: XEL), announced today that,
on December 27, NRG made the $24.7 million interest payment due
on its NRG Northeast Generating LLC bond series and deferred the
$53.5 million principal payment.
As previously announced on December 19, 2002, NRG deferred approximately
$78 million in combined principal and interest payments on the Northeast
Generating LLC bond series and the company had until December 30
to make payment. The NRG Northeast Generating LLC bonds include
8.06 percent Series A-1 senior secured bonds due 2004, 8.84 percent
Series B-1 senior secured bonds due 2015 and 9.29 percent Series
C-1 senior secured bonds due 2024.
"NRG is continuing to negotiate with all of its lenders in
the context of a comprehensive restructuring plan," said Richard
C. Kelly, NRG president and chief operating officer. "We intend
to address the $53.5 million principal payment as part of the broader
NRG Northeast Generating LLC bond series are non-recourse to NRG
and Xcel Energy.
NRG Energy, a wholly owned and unregulated subsidiary of Xcel Energy,
develops and operates power generating facilities. NRG's operations
include competitive energy production and cogeneration facilities,
thermal energy production and energy resource recovery facilities.
Xcel Energy is a major U.S. electricity and natural gas company
with regulated operations in 12 Western and Midwestern states. The
company provides a comprehensive portfolio of energy-related products
and services to 3.2 million electricity customers and 1.7 million
natural gas customers through its regulated operating companies.
In terms of customers, it is the fourth-largest combination natural
gas and electricity company in the U.S. Company headquarters are
located in Minneapolis.
Certain statements included in this news release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements above include, but are not limited to,
the status and planned result of negotiations with lenders. Although
NRG believes that its expectations are reasonable, it can give no
assurance that its negotiations with its lenders will be successful
or what impact such negotiations will have on securityholders of
NRG undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. For more information regarding risks and uncertainties
that may affect NRG's future results, review NRG's filings with
the Securities and Exchange Commission.
George Schaefer, 612.373.5359
Lesa Bader, 612.373.6992