NRG Wins Financing for Texas Genco Purchase
From Bloomberg News
NRG Energy Inc. received commitments from banks to provide $9.9 billion to finance its purchase of electricity producer Texas Genco Holdings.
The funding will consist of $4.8 billion of bank loans and $5.1 billion in bridge financing, Princeton, N.J.-based NRG Energy said. Morgan Stanley and Citigroup Inc. are arranging the funding.
NRG will become the second-biggest power producer in Texas. The company will acquire Texas Genco for $4 billion in cash and $1.8 billion in stock, NRG Energy said.
