This link has been bookmarked by 1 people . It was first bookmarked on 02 Aug 2007, by At the Money.
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02 Aug 07
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$533 million of adjusted EBITDA, excluding mark-to-market (MtM) adjustments;
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Raising adjusted EBITDA guidance to $2.2 billion and cash flow from operations to $1.42 billion.
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three months ended June 30, 2007 of $149 million or $0.51 per diluted common share, as compared to $202 million or $0.63 per diluted common share for the same period last year. These results include a $35 million non-cash, pre-tax charge related to the completion of the $4.4 billion refinancing of the Company's Senior Credit Facility in conjunction with our Comprehensive Capital Allocation Plan announced on May 2, 2007, while the 2006 period benefited from $15 million in pre-tax settlement agreements.
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Net income from continuing operations for the first half of this year was $214 million or $0.71 per common share, compared to $217 million or $0.72 per diluted common share, for the same period last year.
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On May 2, 2007, the Company announced its intention to form NRG Holdings, Inc., or Holdco to support and facilitate its Comprehensive Capital Allocation Plan. The financing on June 8, 2007, provided the Company with the right to call and convert $1 billion of the Term B loan and place it at Holdco. Doing so would increase the restricted payments (RP) capacity under the Senior Note indentures by a like amount and thereby provide sufficient RP capacity for the Company to initiate a common share annual dividend in the future. The formation of Holdco requires the approval of three regulatory bodies, two of which have since granted approval, with the final approval expected during the second half of 2007.
The Company's announced plan was to form and fund Holdco during the fourth quarter of 2007 and initiate the common dividend in the first quarter of 2008. If Holdco is formed, it will constitute a change in control under the Senior Note indentures and provide the right for bondholders to put the bonds back to the Company at 101% of par. If the current weakness in the credit markets persists into the fourth quarter and NRG's Senior Notes trade at levels below par, the Company will likely postpone implementation of the Holdco structure or allow the Holdco credit facility to expire on December 28, 2007. If this occurs, the Company will delay the introduction of an annual dividend and will in all likelihood increase common share repurchases in 2008 from previously stated targets.
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Current portion of long-term debt and capital leases $ 126 $ 130
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Long-term debt and capital leases 8,609 8,647
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