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v3.19.3.a.u2

Debt and Finance Leases (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Long-term Debt and Capital Leases | Long-term debt and finance leases consisted of the following:
(In millions, except rates) | December 31, 2019 |  | December 31, 2018 |  | December 31, 2019 Interest rate %
Recourse debt: |  |  |  |  |
Senior Notes, due 2024 | $ | — |  |  | $ | 733 |  |  | 6.250 |
Senior Notes, due 2026 | 1,000 |  |  | 1,000 |  |  | 7.250 |
Senior Notes, due 2027 | 1,230 |  |  | 1,230 |  |  | 6.625 |
Senior Notes, due 2028 | 821 |  |  | 821 |  |  | 5.750 |
Senior Notes, due 2029 | 733 |  |  | — |  |  | 5.250 |
Convertible Senior Notes, due 2048(a) | 575 |  |  | 575 |  |  | 2.750 |
Senior Secured First Lien Notes, due 2024 | 600 |  |  | — |  |  | 3.750 |
Senior Secured First Lien Notes, due 2029 | 500 |  |  | — |  |  | 4.450 |
2023 Term Loan Facility (b) | — |  |  | 1,698 |  |  | L+ 1.75
Revolving Credit Facility (c) | 83 |  |  | — |  |  | L+ 1.75
Tax-exempt bonds | 466 |  |  | 466 |  |  | 4.125 - 6.00
Subtotal recourse debt | 6,008 |  |  | 6,523 |  |  |  |
Non-recourse debt: |  |  |  |  |
Agua Caliente Borrower 1, due 2038 | — |  |  | 86 |  |  | 5.430 |
Midwest Generation, due 2019 | — |  |  | 48 |  |  | 4.390 |
Other | 34 |  |  | 34 |  |  | various
Subtotal all non-recourse debt | 34 |  |  | 168 |  |  |
Subtotal long-term debt (including current maturities) | 6,042 |  |  | 6,691 |  |  |
Finance leases | — |  |  | 1 |  |  | various
Subtotal long-term debt and finance leases (including current maturities) | 6,042 |  |  | 6,692 |  |  |
Less current maturities | (88) |  |  | (72) |  |  |
Less debt issuance costs | (65) |  |  | (70) |  |  |
Discounts | (86) |  |  | (101) |  |  |
Total long-term debt and finance leases | $ | 5,803 |  |  | $ | 6,449 |  |  |
(a) The effective interest rate was 5.05% and 5.02% for the years ended December 31, 2019 and 2018, respectively (b) As of December 31, 2018, the interest rate was 1-month LIBOR plus 1.75% (c) As of December 31, 2019, the interest rate was 1-week LIBOR plus 1.75% Debt includes the following discounts:
|  | As of December 31, |  |
(In millions) |  | 2019 |  | 2018
Term loan facility, due 2023 |  | $ | — |  |  | $ | (4) |
Midwest Generation, due 2019 |  | — |  |  | (1) |
Senior Secured First Lien Notes, due 2024 and 2029 |  | (1) |  |  | — |
Convertible Senior Notes, due 2048 |  | (85) |  |  | (96) |
Total discounts |  | $ | (86) |  |  | $ | (101) |
Annual Payments Based On the Maturities of NRG's Debt | As of December 31, 2019, annual payments based on the maturities of NRG's debt are expected to be as follows:
| (In millions)
2020(a) | $ | 88 |
2021 | 6 |
2022 | 5 |
2023 | 4 |
2024 | 604 |
Thereafter | 5,335 |
Total | $ | 6,042 |
(a) Includes $83 million of Revolving Credit Facility balance outstanding as of December 31, 2019
Debt Redemption |
(In millions, except percentages) |  | Principal Repurchased |  | Cash Paid (a) |  | Average Early Redemption Percentage
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 |  |  |
(a) Includes accrued interest of $14 million In 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 | %
In 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 | %
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 | %
In addition, on or after June 15, 2024, 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
June 15, 2024 to June 14, 2025 | 102.625 | %
June 15, 2025 to June 14, 2026 | 101.750 | %
June 15, 2026 to June 14, 2027 | 100.875 | %
June 15, 2027 and thereafter | 100.000 | %
Schedule of Tax Exempt Bonds | Tax Exempt Bonds
|  | As of December 31, |  |  |  |
(In millions, except rates) |  | 2019 |  | 2018 |  | Interest Rate %
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 |  |  | 33 |  |  | 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 |  |  | $ | 466 |  |  |

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