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Long-term Debt and Finance Leases (Tables)

12 Months Ended

Dec. 31, 2021

Long-term debt and finance leases consisted of the following:


(In millions, except rates)	December 31, 2021		December 31, 2020		Interest rate %

Recourse debt:
Senior Notes, due 2026	$	—	$	1,000	7.250
Senior Notes, due 2027	375		1,230		6.625
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 2031	1,030		1,030		3.625
Senior Notes, due 2032	1,100		—		3.875
Convertible Senior Notes, due 2048(a)	575		575		2.750
Senior Secured First Lien Notes, due 2024	600		600		3.750
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

Tax-exempt bonds	466		466		1.250 - 4.750




Subtotal long-term debt (including current maturities)	8,100		8,855
Finance leases	13		4		various

Subtotal long-term debt and finance leases (including current maturities)	8,113		8,859
Less current maturities	(4)		(1)
Less debt issuance costs	(83)		(93)
Discounts	(60)		(74)
Total long-term debt and finance leases	$	7,966	$	8,691

(a)The effective interest rate was 5.34% and 5.19% for the years ended December 31, 2021 and 2020, respectively. As of the ex-dividend date of January 31, 2022, the Convertible Senior Notes were convertible at a price of $44.53, which is equivalent to a conversion rate of approximately 22.4563 shares of common stock per $1,000 principal amount. The remaining period over which the discount on the liability component would have been amortized is 3.7 years. However, the adoption of ASU 2020-06 on January 1, 2022 resulted in the elimination of the debt discount.

Debt includes the following discounts:


	As of December 31,
(In millions)	2021		2020
Senior Secured First Lien Notes, due 2024, 2025, 2027 and 2029	$	(2)	$	(2)
Convertible Senior Notes, due 2048	(58)		(72)
Total discounts	$	(60)	$	(74)

Annual Payments Based On the Maturities of NRG's Debt

As of December 31, 2021, annual payments based on the maturities of NRG's debt and finance leases are expected to be as follows:


	(In millions)
2022	$	4
2023	3
2024	603
2025	502
2026	—
Thereafter	7,001
Total	$	8,113

Senior Note Redemptions


(In millions, except percentages)	Principal Repurchased		Cash Paid(a)		Average Early Redemption Percentage
7.250% Senior Notes, due 2026	$	1,000	$	1,056	103.625	%
6.625% Senior Notes, due 2027	855		893		103.313	%
Total	$	1,855	$	1,949

(a) Includes accrued interest of $29 million for redemptions for the year ended December 31, 2021

NRG may redeem some or all of the 2027 Senior Notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:


Redemption Period	Redemption Percentage
July 15, 2021 to July 14, 2022	103.313	%
July 15, 2022 to July 14, 2023	102.208	%
July 15, 2023 to July 14, 2024	101.104	%
July 15, 2024 and thereafter	100.000	%

In addition, on or after January 15, 2023, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:


Redemption Period	Redemption Percentage
January 15, 2023 to January 14, 2024	102.875	%
January 15, 2024 to January 14, 2025	101.917	%
January 15, 2025 to January 14, 2026	100.958	%
January 15, 2026 and thereafter	100.000	%

In addition, on or after June 15, 2024, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:


Redemption Period	Redemption Percentage
June 15, 2024 to June 14, 2025	102.625	%
June 15, 2025 to June 14, 2026	101.750	%
June 15, 2026 to June 14, 2027	100.875	%
June 15, 2027 and thereafter	100.000	%

In addition, on or after February 15, 2024, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:


Redemption Period	Redemption Percentage
February 15, 2024 to February 14, 2025	101.688	%
February 15, 2025 to February 14, 2026	100.844	%
February 15, 2026 and thereafter	100.000	%

In addition, on or after February 15, 2026, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:


Redemption Period	Redemption Percentage
February 15, 2026 to February 14, 2027	101.813	%
February 15, 2027 to February 14, 2028	101.208	%
February 15, 2028 to February 14, 2029	100.604	%
February 15, 2029 and thereafter	100.000	%

In addition, on

or after February 15, 2027, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table during the twelve-month period beginning on February 15 of the years indicated below, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:


Year	Redemption Percentage (If Sustainability Performance Target has been satisfied and confirmed by External Verifier)		Redemption Percentage (If Sustainability Performance Target has not been satisfied and/or confirmed by External Verifier)
2027	101.938	%	102.188	%
2028	101.292	%	101.458	%
2029	100.646	%	100.729	%
2030 and thereafter	100.000	%	100.000	%

Schedule of Tax Exempt Bonds

Tax Exempt Bonds


	As of December 31,
(In millions, except rates)	2021		2020		Interest Rate %
NRG Indian River Power 2020, tax exempt bonds, due 2040	$	57	$	57	1.250
NRG Indian River Power 2020, tax exempt bonds, due 2045	190		190		1.250
NRG Dunkirk 2020, tax exempt bonds, due 2042	59		59		1.300
City of Texas City, tax exempt bonds, due 2045	33		33		4.125
Fort Bend County, tax exempt bonds, due 2038	54		54		4.750
Fort Bend County, tax exempt bonds, due 2042	73		73		4.750
Total	$	466	$	466

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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