NRG Energy Inc. (NYSE: NRG) announced the commencement of concurrent debt offerings consisting of senior secured first lien notes due 2031 and senior unsecured notes with maturities in 2034 and 2036.

The notes will be guaranteed by NRG's current and future wholly-owned U.S. subsidiaries that guarantee the term loans under the company's credit agreement. The secured notes will be backed by a first priority security interest in the same collateral pledged for NRG's credit agreement and existing senior secured notes.

NRG plans to use proceeds from the offerings, combined with proceeds from a proposed $900 million new term loan B, to repay a portion of outstanding borrowings under its revolving credit facility. The funds will also support a tender offer by wholly-owned subsidiary Lightning Power LLC for Lightning's outstanding 7.250% senior secured notes due 2032, pay transaction fees and expenses, and potentially fund general corporate purposes including debt repurchases.

The secured notes offering is not conditional on completion of the unsecured notes offering or the new term loan. The tender offer operates independently of the bond offerings and is not conditional on the tender of any specific amount of Lightning notes.

The notes are being offered exclusively to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S. The securities have not been registered under the Securities Act of 1933 and cannot be offered or sold in the United States without registration or applicable exemption.

NRG provides electricity, natural gas and smart home solutions to eight million customers across North America and operates approximately 25 GW of power generation capacity.