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Long-term Debt and Finance Leases
 6 Months Ended
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, 2025December 31, 2024Interest rate %
Recourse debt:
Senior Notes, due 2028$821 $821 5.750
Senior Notes, due 2029733 733 5.250
Senior Notes, due 2029500 500 3.375
Senior Notes, due 2029798 798 5.750
Senior Notes, due 20311,030 1,030 3.625
Senior Notes, due 2032480 480 3.875
Senior Notes, due 2033925 925 6.000
Senior Notes, due 2034950 950 6.250
Convertible Senior Notes, due 2048232 232 2.750
Senior Secured First Lien Notes, due 2025500 500 2.000
Senior Secured First Lien Notes, due 2027900 900 2.450
Senior Secured First Lien Notes, due 2029500 500 4.450
Senior Secured First Lien Notes, due 2033740 740 7.000
Revolving Credit Facility135 — 
SOFR + 1.720
Term Loan B, due 20311,311 1,317 
SOFR + 1.750
Tax-exempt bonds466 466 
1.250 - 4.750
Subtotal recourse debt11,021 10,892 
Finance leases14 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)2025202420252024
Contractual interest expense$1 $2 $3 $6 
Amortization of deferred finance costs— 1 — 1 
Total$1 $3 $3 $7 
Effective interest rate0.79%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.