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Long-term Debt and Finance Leases | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Long-term Debt and Finance Leases | Long-term Debt and Finance Leases Long-term debt and finance leases consisted of the following:
(In millions, except rates) | June 30, 2025 |  | December 31, 2024 |  | Interest rate %
Recourse debt: |  |  |  |  |
Senior Notes, due 2028 | $ | 821 |  |  | $ | 821 |  |  | 5.750
Senior Notes, due 2029 | 733 |  |  | 733 |  |  | 5.250
Senior Notes, due 2029 | 500 |  |  | 500 |  |  | 3.375
Senior Notes, due 2029 | 798 |  |  | 798 |  |  | 5.750
Senior Notes, due 2031 | 1,030 |  |  | 1,030 |  |  | 3.625
Senior Notes, due 2032 | 480 |  |  | 480 |  |  | 3.875
Senior Notes, due 2033 | 925 |  |  | 925 |  |  | 6.000
Senior Notes, due 2034 | 950 |  |  | 950 |  |  | 6.250
Convertible Senior Notes, due 2048 | 232 |  |  | 232 |  |  | 2.750
Senior Secured First Lien Notes, due 2025 | 500 |  |  | 500 |  |  | 2.000
Senior Secured First Lien Notes, due 2027 | 900 |  |  | 900 |  |  | 2.450
Senior Secured First Lien Notes, due 2029 | 500 |  |  | 500 |  |  | 4.450
Senior Secured First Lien Notes, due 2033 | 740 |  |  | 740 |  |  | 7.000
Revolving Credit Facility | 135 |  |  | — |  |  | SOFR + 1.720
Term Loan B, due 2031 | 1,311 |  |  | 1,317 |  |  | SOFR + 1.750
Tax-exempt bonds | 466 |  |  | 466 |  |  | 1.250 - 4.750
Subtotal recourse debt | 11,021 |  |  | 10,892 |  |  |
Finance leases | 14 |  |  | 14 |  |  | various
Subtotal long-term debt and finance leases (including current maturities) | 11,035 |  |  | 10,906 |  |  |
Less current maturities | (1,132) |  |  | (996) |  |  |
Less debt issuance costs | (79) |  |  | (86) |  |  |
Discounts | (12) |  |  | (12) |  |  |
Total long-term debt and finance leases | $ | 9,812 |  |  | $ | 9,812 |  |  |
Recourse Debt Senior Secured Bridge Facility In connection with the anticipated acquisition of the LSP Portfolio, NRG entered into a commitment letter for the Bridge Facility in a principal amount not to exceed $4.4 billion for the purposes of paying a portion of the consideration for the anticipated acquisition and paying fees and expenses in connection with the anticipated acquisition. Senior Credit Facility Amendment to Term Loan On July 22, 2025, the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into the Fifteenth Amendment to the Second Amended and Restated Credit Agreement (the “Fifteenth Amendment”) with, among others, Citicorp North America, Inc., as administrative agent and as collateral agent (the “Agent”), and certain financial institutions, as lenders, which amended the Company’s Second Amended and Restated Credit Agreement, dated as of June 30, 2016 (the “Credit Agreement”). The Fifteenth Amendment amended the Credit Agreement by adding a new incremental Term Loan B in an aggregate principal amount of $1.0 billion (the “Incremental Term Loan B Facility” and the loans thereunder, the “Incremental Term Loans”), which Incremental Term Loan B Facility is fungible with the Company’s existing Term Loan B facility (the “Existing Term Loan B Facility”). The terms of the Incremental Term Loans are identical to those applicable to the Company’s Existing Term Loan B Facility. Revolving Credit Facility On May 27, 2025, the Company, as borrower, and certain of its subsidiaries, as guarantors, entered into the Fourteenth Amendment to the Credit Agreement in order to (i) increase the commitments under the Revolving Credit Facility by $390 million (the “Incremental Commitments”) to an aggregate amount equal to $4.6 billion and (ii) make certain other amendments to the Credit Agreement. The terms of the Incremental Commitments (including pricing) are identical to those applicable to, and constitute the same class as the existing commitments under, the Revolving Credit Facility. As of June 30, 2025, $135 million of borrowings were outstanding, which were fully repaid as of July 31, 2025. 2048 Convertible Senior Notes Convertible Senior Notes Features — As of June 30, 2025, the Convertible Senior Notes were convertible pursuant to the issuance of the redemption notice into a combination of cash and the Company’s common stock at a price of $40.63 per common share, which is the equivalent to a conversion rate of approximately 24.6144 shares of common stock per $1,000 principal amount of Convertible Senior Notes. The net carrying amounts of the Convertible Senior Notes was $232 million and $231 million as of June 30, 2025 and December 31, 2024, respectively. The following table details the interest expense recorded in connection with the Convertible Senior Notes:
| Three months ended June 30, |  | Six months ended June 30,
(In millions, except percentages) | 2025 |  | 2024 |  | 2025 |  | 2024
Contractual interest expense | $ | 1 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 6 |
Amortization of deferred finance costs | — |  |  | 1 |  |  | — |  |  | 1 |
Total | $ | 1 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 7 |
Effective interest rate | 0.79 | % |  | 0.76 | % |  | 1.55 | % |  | 1.54 | %
Convertible Senior Notes Redemption On May 15, 2025, the Company issued a notice of redemption for the Convertible Senior Notes. On July 8, 2025 (the “Redemption Date”), the Company used cash on hand to redeem $12 million in aggregate principal amount of the Convertible Senior Notes, at a redemption price equal to 100.000%. The majority of the Convertible Senior Note holders elected to convert the notes prior to the Redemption Date and received $220 million in cash with respect to the remaining principal amount of the Convertible Senior Notes and a total of 3,986,335 shares for the conversion premium. Capped Call Options During the second quarter of 2024, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Calls”) to effectively lock in a conversion premium of $257 million on the remaining $232 million in aggregate principal amount of the Convertible Senior Notes. In the second quarter of 2025, the expiration date of the options was extended from June 1, 2025 to July 8, 2025. The Capped Calls were exercised and settled on July 8, 2025 in connection with the redemption of the Convertible Senior Notes. For further discussion, see Note 9, Changes in Capital Structure. Receivables Securitization Facilities On June 20, 2025, NRG Receivables, an indirect wholly-owned subsidiary of the Company, amended its existing Receivables Facility to extend the scheduled termination date to June 18, 2026. Texas Development Priorities On July 31, 2025, NRG entered into a $216 million loan agreement with the PUCT under the Texas Energy Fund (“TEF”, the “TEF loan”) to support development at its T.H. Wharton generation facility, which is currently under construction. The TEF loan bears interest at a fixed coupon rate of 3.000% per annum and has a final maturity date of July 31, 2045. The initial disbursement of funds for the TEF loan occurred in July 2025.

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