CHICAGO--(BUSINESS WIRE)--May 19, 2003--GE Corporate Lending is serving as the lead agent for the $250 million debtor-in-possession financing facility secured by NRG Energy, Inc. in connection with NRG's voluntary filing on May 15 for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Based in Minneapolis, NRG Energy owns and operates power generating facilities, with operations including competitive energy production and cogeneration facilities, thermal energy production, and energy resource recovery facilities. The company is an indirect subsidiary of Xcel Energy, Inc. (NYSE: XEL).
GE Corporate Lending provides restructuring products and services delivered by a dedicated Retail and Restructuring Group, a unit within GE Corporate Lending serving companies across all industry segments. The GE Retail and Restructuring Group is a consistent leader in DIP financings.
"Our restructuring services on behalf of energy companies like NRG are supported by our deep business and operational knowledge of this industry segment," said Colleen Palmer, senior vice president of the GE Retail and Restructuring Group, for the Central Region. "We serve as a committed, reliable source of capital, with a comprehensive range of financing products and services that help our clients address critical transitional and essential business needs."
About GE Corporate Lending Group
GE Corporate Lending is a part of GE Corporate Financial Services, a leading global provider of financing solutions for investment and non-investment grade companies - committed to supporting clients at all stages of the business cycle. For more information on the businesses and products of GE Corporate Financial Services, please visit www.gelending.com.
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CONTACT:
GE Corporate Financial Services
Ned Reynolds, 203/229-5717
or
TorranceCo
Eric Samansky, 212/521-5247