NRG Energy is moving forward with its proposed acquisition of Direct Energy, a North American business owned by Centrica, after the transaction was approved by Centrica’s shareholders this week.
NRG also has entered into an amendment of its credit agreement to increase the existing revolving commitments in an aggregate amount of $779 million. The company also will provide for a new tranche of revolving commitments totaling $258 million, which carry a maturity date 30 months after the closing of the acquisition of Direct Energy.
The increase in the existing commitments and the commitments with respect to the new tranche will only become available upon the date of the deal’s closing, which is expected by the end of 2020.
As a result, upon the closing date, the total revolving commitments available will equal $3.64 billion.
