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Debt and Capital Leases (Tables) | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Long-term Debt and Capital Leases | Long-term debt and capital leases consisted of the following:
(In millions, except rates) | December 31, 2018 |  | December 31, 2017 |  | December 31, 2018 interest rate %(a)
Recourse debt: |  |  |  |  |
Senior Notes, due 2022 | $ | — |  |  | $ | 992 |  |  | 6.250
Senior Notes, due 2024 | 733 |  |  | 733 |  |  | 6.250
Senior Notes, due 2026 | 1,000 |  |  | 1,000 |  |  | 7.250
Senior Notes, due 2027 | 1,230 |  |  | 1,250 |  |  | 6.625
Senior Notes, due 2028 | 821 |  |  | 870 |  |  | 5.750
Convertible Senior Notes, due 2048 | 575 |  |  | — |  |  | 2.750
Term loan facility, due 2023 | 1,698 |  |  | 1,872 |  |  | L+1.75
Tax-exempt bonds | 466 |  |  | 465 |  |  | 4.125 - 6.00
Subtotal recourse debt | 6,523 |  |  | 7,182 |  |  |
Non-recourse debt: |  |  |  |  |
Ivanpah, due 2033 and 2038(b) | — |  |  | 1,073 |  |  | 2.285 - 4.256
Agua Caliente, due 2037(c) | — |  |  | 818 |  |  | 2.395 - 3.633
Agua Caliente Borrower 1, due 2038 | 86 |  |  | 89 |  |  | 5.430
Midwest Generation, due 2019 | 48 |  |  | 152 |  |  | 4.390
Other (d) | 34 |  |  | 180 |  |  | various
Subtotal all non-recourse debt | 168 |  |  | 2,312 |  |  |
Subtotal long-term debt (including current maturities) | 6,691 |  |  | 9,494 |  |  |
Capital leases | 1 |  |  | 5 |  |  | various
Subtotal long-term debt and capital leases (including current maturities) | 6,692 |  |  | 9,499 |  |  |
Less current maturities | (72 | ) |  | (204 | ) |  |
Less debt issuance costs | (70 | ) |  | (103 | ) |  |
Discounts | (101 | ) |  | (12 | ) |  |
Total long-term debt and capital leases | $ | 6,449 |  |  | $ | 9,180 |  |  |
(a) As of December 31, 2018, L+ equals 1-month LIBOR plus 1.75% (b) The Company deconsolidated Ivanpah during the second quarter of 2018 (c) The Company deconsolidated Agua Caliente solar facility during the third quarter of 2018 (d) Guam was reclassified to held for sale during the fourth quarter of 2018 Debt includes the following discounts:
|  | As of December 31,
|  | 2018 |  | 2017
|  | (In millions)
Term loan facility, due 2023 |  | $ | (4 | ) |  | $ | (7 | )
Midwest Generation, due 2019 |  | (1 | ) |  | (5 | )
Convertible Senior Notes, due 2048 |  | (96 | ) |  | — |
Total discounts |  | $ | (101 | ) |  | $ | (12 | )
Annual Payments Based On the Maturities of NRG's Debt | As of December 31, 2018, annual payments based on the maturities of NRG's debt and capital leases are expected to be as follows:
| (In millions)
2019 | $ | 74 |
2020 | 26 |
2021 | 27 |
2022 | 25 |
2023 | 1,635 |
Thereafter | 4,905 |
Total | $ | 6,692 |
Debt Instrument Redemption | At any time prior to January 15, 2021, NRG may redeem up to 35% of the aggregate principal amount of the 2028 Senior Notes, at a redemption price equal to 105.750% of the principal amount of the notes redeemed, plus accrued and unpaid interest, with an amount equal to the net cash proceeds of certain equity offerings. At any time prior to January 15, 2023 NRG may redeem all or a part of the 2028 Senior Notes, at a redemption price equal to 100% of the principal amount, accrued and unpaid interest to the redemption date, plus a premium. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the principal amount of the note over the following: the present value of 102.875% of the note, plus interest payments due on the note from the date of redemption through January 15, 2023 computed using a discount rate equal to the Treasury Rate as of such redemption date plus 0.50%. In addition, on or after January 15, 2023, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period | Redemption Percentage
January 15, 2023 to January 14, 2024 | 102.875 | %
January 15, 2024 to January 14, 2025 | 101.917 | %
January 15, 2025 to January 14, 2026 | 100.958 | %
January 15, 2026 and thereafter | 100.000 | %
n addition, on or after May 15, 2021, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period | Redemption Percentage
May 15, 2021 to May 14, 2022 | 103.625 | %
May 15, 2022 to May 14, 2023 | 102.417 | %
May 15, 2023 to May 14, 2024 | 101.208 | %
May 15, 2024 and thereafter | 100.000 | %
During the year ended December 31, 2018 the Company completed senior note repurchases, as detailed in the table below. In addition, during the year ended December 31, 2018, a $38 million loss on debt extinguishment was recorded for these repurchases, which included the write-off of previously deferred financing costs of $7 million.
| Principal Repurchased |  | Cash Paid (a) |  | Average Early Redemption Percentage
In millions, except percentages |  |  |  |  |
5.750% senior notes due 2028 | $ | 29 |  |  | $ | 30 |  |  | 99.24 | %
6.250% senior notes due 2022 | 14 |  |  | 15 |  |  | 103.25 | %
Total at June 30, 2018 | $ | 43 |  |  | $ | 45 |  |  |
6.250% senior notes due 2022 | 493 |  |  | 512 |  |  | 103.13 | %
5.750% senior notes due 2028 | 20 |  |  | 20 |  |  | 99.13 | %
6.625% senior notes due 2027 | 20 |  |  | 21 |  |  | 103.06 | %
Total at September 30, 2018 | $ | 576 |  |  | $ | 598 |  |  |
6.250% senior notes due 2022 | 485 |  |  | 508 |  |  | 103.13 | %
Total at December 31, 2018 | $ | 1,061 |  |  | $ | 1,106 |  |  |
During the year ended December 31, 2017, the Company redeemed $1.5 billion in aggregate principal of its Senior Notes for $1.5 billion. In connection with the redemptions, a $49 million loss on debt extinguishment was recorded, which included the write-off of previously deferred financing costs of $7 million.
| Principal Repurchased |  | Cash Paid (a) |  | Average Early Redemption Percentage
Amount in millions, except percentages |  |  |  |  |
7.625% senior notes due 2018 | $ | 398 |  |  | $ | 411 |  |  | 101.42 | %
7.875% senior notes due 2021 | 206 |  |  | 218 |  |  | 102.63 | %
6.625% senior notes due 2023 | 869 |  |  | 915 |  |  | 103.57 | %
Total | $ | 1,473 |  |  | $ | 1,544 |  |  |
(a) Includes accrued interest of $29 million n addition, on or after July 15, 2021, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period | Redemption Percentage
July 15, 2021 to July14, 2022 | 103.313 | %
July 15, 2022 to July 14, 2023 | 102.208 | %
July 15, 2023 to July 14, 2024 | 101.104 | %
July 15, 2024 and thereafter | 100.000 | %
n addition, on or after May 1, 2019, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period | Redemption Percentage
May 1, 2019 to April 30, 2020 | 103.125 | %
May 1, 2020 to April 30, 2021 | 102.083 | %
May 1, 2021 to April 30, 2022 | 101.042 | %
May 1, 2022 and thereafter | 100.000 | %
Schedule of Tax Exempt Bonds | Tax Exempt Bonds
|  | As of December 31, |  |
|  | 2018 |  | 2017 |  | Interest Rate %
Amount in millions, except rates |  |  |  |  |  |
Indian River Power, tax exempt bonds, due 2040 |  | $ | 57 |  |  | $ | 57 |  |  | 6.000
Indian River Power LLC, tax exempt bonds, due 2045 |  | 190 |  |  | 190 |  |  | 5.375
Dunkirk Power LLC, tax exempt bonds, due 2042 |  | 59 |  |  | 59 |  |  | 5.875
City of Texas City, tax exempt bonds, due 2045 |  | 33 |  |  | 32 |  |  | 4.125
Fort Bend County, tax exempt bonds, due 2038 |  | 54 |  |  | 54 |  |  | 4.750
Fort Bend County, tax exempt bonds, due 2042 |  | 73 |  |  | 73 |  |  | 4.750
Total |  | $ | 466 |  |  | $ | 465 |  |  |

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