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Long-term Debt and Finance Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Long-term Debt and Finance Leases | Long-term debt and finance leases consisted of the following:
(In millions, except rates) | December 31, 2020 |  | December 31, 2019 |  | Interest rate %
Recourse debt: |  |  |  |  |
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 |  |  | 733 |  |  | 5.250
Senior Notes, due 2029 | 500 |  |  | — |  |  | 3.375
Senior Notes, due 2031 | 1,030 |  |  | — |  |  | 3.625
Convertible Senior Notes, due 2048(a) | 575 |  |  | 575 |  |  | 2.750
Senior Secured First Lien Notes, due 2024 | 600 |  |  | 600 |  |  | 3.750
Senior Secured First Lien Notes, due 2025 | 500 |  |  | — |  |  | 2.000
Senior Secured First Lien Notes, due 2027 | 900 |  |  | — |  |  | 2.450
Senior Secured First Lien Notes, due 2029 | 500 |  |  | 500 |  |  | 4.450
Revolving Credit Facility | — |  |  | 83 |  |  | L+ 1.75
Tax-exempt bonds | 466 |  |  | 466 |  |  | 1.250 - 4.75
Subtotal recourse debt | 8,855 |  |  | 6,008 |  |  |
Non-recourse debt: |  |  |  |  |
Other | — |  |  | 34 |  |  | various
Subtotal all non-recourse debt | — |  |  | 34 |  |  |
Subtotal long-term debt (including current maturities) | 8,855 |  |  | 6,042 |  |  |
Finance leases | 4 |  |  | — |  |  | various
Subtotal long-term debt and finance leases (including current maturities) | 8,859 |  |  | 6,042 |  |  |
Less current maturities | (1) |  |  | (88) |  |  |
Less debt issuance costs | (93) |  |  | (65) |  |  |
Discounts | (74) |  |  | (86) |  |  |
Total long-term debt and finance leases | $ | 8,691 |  |  | $ | 5,803 |  |  |
(a)The effective interest rate was 5.19% and 5.05% for the years ended December 31, 2020 and 2019, respectively. As of the ex-dividend date of January 29, 2021, the Convertible Notes were convertible at a price of $45.94, which is equivalent to a conversion rate of approximately 21.77 shares of common stock per $1,000 principal amount. The remaining period over which the discount on the liability component will be amortized is 4.7 years. Debt includes the following discounts:
|  | As of December 31,
(In millions) |  | 2020 |  | 2019
Senior Secured First Lien Notes, due 2024, 2025, 2027 and 2029 |  | $ | (2) |  |  | $ | (1) |
Convertible Senior Notes, due 2048 |  | (72) |  |  | (85) |
Total discounts |  | $ | (74) |  |  | $ | (86) |
Annual Payments Based On the Maturities of NRG's Debt | As of December 31, 2020, annual payments based on the maturities of NRG's debt and finance leases are expected to be as follows:
| (In millions)
2021 | $ | 1 |
2022 | 2 |
2023 | 1 |
2024 | 600 |
2025 | 500 |
Thereafter | 7,755 |
Total | $ | 8,859 |
Debt Redemption | 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 July 14, 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 | %
In addition, on or after February 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
February 15, 2024 to February 14, 2025 | 101.688 | %
February 15, 2025 to February 14, 2026 | 100.844 | %
February 15, 2026 and thereafter | 100.000 | %
In addition, on or after February 15, 2026, 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
February 15, 2026 to February 14, 2027 | 101.813 | %
February 15, 2027 to February 14, 2028 | 101.208 | %
February 15, 2028 to February 14, 2029 | 100.604 | %
February 15, 2029 and thereafter | 100.000 | %
Schedule of Tax Exempt Bonds | Tax Exempt Bonds
|  | As of December 31, |  |
(In millions, except rates) |  | 2020 |  | 2019 |  | Interest Rate %
NRG Indian River Power 2020, tax exempt bonds, due 2040 |  | $ | 57 |  |  | $ | — |  |  | 1.250 |
NRG Indian River Power 2020, tax exempt bonds, due 2045 |  | 190 |  |  | — |  |  | 1.250 |
Indian River Power, tax exempt bonds, due 2040 |  | — |  |  | 57 |  |  | 6.000 |
Indian River Power LLC, tax exempt bonds, due 2045 |  | — |  |  | 190 |  |  | 5.375 |
NRG Dunkirk 2020, tax exempt bonds, due 2042 |  | 59 |  |  | — |  |  | 1.300 |
Dunkirk Power LLC, tax exempt bonds, due 2042 |  | — |  |  | 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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