RBC Capital Arranges NRG Yield Revolver Increase
NRG Yield announced that its subsidiary, NRG Yield Operating, closed a $450 million secured revolving credit facility with RBC Capital Markets as sole lead arranger, and Royal Bank of Canada as agent.
The bank group includes ten financial institutions and the facility’s term was extended to April 2019. The facility, which will be used for general corporate purposes including financing of future acquisitions and posting of letters of credit, was increased to $450 million from $60 million and is currently undrawn.
“The increase in our undrawn, secured revolving credit facility highlights NRG Yield’s strong financial position,” said Kirk Andrews, the Company’s CFO. “Along with our recent $345 million convertible note offering, this expanded revolver provides us with a flexible capital source with which to execute on our short-term and long-term growth strategy.”
NRG Yield owns a portfolio of contracted renewable and conventional generation and thermal infrastructure assets in the U.S., including fossil fuel, solar and wind power generation facilities that provide the capacity to support more than one million American homes and businesses.