NRG Yield (NRG) Stock Gains After Pricing $250 Million Offering of Convertible 2020 Senior Notes

NEW YORK (TheStreet) -- NRG Yield (NYLD) shares are up 1.06% to $22.88 in early market trading on Wednesday after the NRG Energy (NRG) subsidiary priced its previously announced offering of $250 million in aggregate principal amount of 3.25% convertible senior notes due 2020.

Initial purchasers of the notes will be granted the option to purchase up to an additional $37.5 million in aggregate principal amount.

The initial conversion rate will be 36.3636 shares of Class C common stock per $1,000 principle amount of notes, or an approximate price of $27.50 per Class C common share.

Goldman Sachs (GS), RBC Capital, BofA/Merrill Lynch (BAC), Barclays Capital (BCS), Citigroup (C) and Morgan Stanley (MS) are acting as the joint book-running managers for the offering which is expected to close June 29.

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