Exhibit 99.1

 

IN THE UNITED STATES BANKRUPTCY COURT
FOR THE SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION

 

 

NOTICE OF PAYMENT OF GAG ADMINISTRATIVE CLAIM BALANCE

 

GenOn Energy, Inc. and certain of its subsidiaries (collectively, the “Debtors”) commenced voluntary chapter 11 cases on June 14, 2017 in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).  The cases are jointly administered under the lead case In re GenOn Energy, Inc., Case No. 17-33695 (DRJ).

 

On December 12, 2017, the Bankruptcy Court approved a plan of reorganization granting an allowed claim plus certain accrued interest (the “GAG Administrative Claim”), estimated to be $662,508,835.96 as of the date hereof, to the holders of GenOn Americas Generation, LLC (“GAG”) 8.50% Senior Notes due 2021 and the GAG 9.125% Senior Notes due 2031 (collectively,

 

(1)         The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are:  GenOn Energy, Inc. (5566); GenOn Americas Generation, LLC (0520); GenOn Americas Procurement, Inc. (8980); GenOn Asset Management, LLC (1966); GenOn Capital Inc. (0053); GenOn Energy Holdings, Inc. (8156); GenOn Energy Management, LLC (1163); GenOn Energy Services, LLC (8220); GenOn Fund 2001 LLC (0936); GenOn Mid-Atlantic Development, LLC (9458); GenOn Power Operating Services MidWest, Inc. (3718); GenOn Special Procurement, Inc. (8316); Hudson Valley Gas Corporation (3279); Mirant Asia-Pacific Ventures, LLC (1770); Mirant Intellectual Asset Management and Marketing, LLC (3248); Mirant International Investments, Inc. (1577); Mirant New York Services, LLC (N/A); Mirant Power Purchase, LLC (8747); Mirant Wrightsville Investments, Inc. (5073); Mirant Wrightsville Management, Inc. (5102); MNA Finance Corp. (8481); NRG Americas, Inc. (2323); NRG Bowline LLC (9347); NRG California North LLC (9965); NRG California South GP LLC (6730); NRG California South LP (7014); NRG Canal LLC (5569); NRG Delta LLC (1669); NRG Florida GP, LLC (6639); NRG Florida LP (1711); NRG Lovett Development I LLC (6327); NRG Lovett LLC (9345); NRG New York LLC (0144); NRG North America LLC (4609); NRG Northeast Generation, Inc. (9817); NRG Northeast Holdings, Inc. (9148); NRG Potrero LLC (1671); NRG Power Generation Assets LLC (6390); NRG Power Generation LLC (6207); NRG Power Midwest GP LLC (6833); NRG Power Midwest LP (1498); NRG Sabine (Delaware), Inc. (7701); NRG Sabine (Texas), Inc. (5452); NRG San Gabriel Power Generation LLC (0370); NRG Tank Farm LLC (5302); NRG Wholesale Generation GP LLC (6495); NRG Wholesale Generation LP (3947); NRG Willow Pass LLC (1987); Orion Power New York GP, Inc. (4975); Orion Power New York LP, LLC (4976); Orion Power New York, L.P. (9521); RRI Energy Broadband, Inc. (5569); RRI Energy Channelview (Delaware) LLC (9717); RRI Energy Channelview (Texas) LLC (5622); RRI Energy Channelview LP (5623); RRI Energy Communications, Inc. (6444); RRI Energy Services Channelview LLC (5620); RRI Energy Services Desert Basin, LLC (5991); RRI Energy Services, LLC (3055); RRI Energy Solutions East, LLC (1978); RRI Energy Trading Exchange, Inc. (2320); and RRI Energy Ventures, Inc. (7091).  The Debtors’ service address is:  804 Carnegie Center, Princeton, New Jersey 08540.

 

 

the “GAG Notes,” and holders of such notes, the “GAG Noteholders”).  The Debtors can are authorized to pay the GAG Administrative Claim on or before the Effective Date.

 

On January 30, 2018, the Court entered the Order Approving Debtors’ Emergency Motion for Entry of an Order (I) Authorizing and Directing Certain Actions in Furtherance of the GAG Settlement and Confirmation Order, (II) Approving the Partial Payment Notice, and (III) Granting Related Relief [Docket No. 1378] (the “Order”), authorizing the Debtors to make one or more Partial Payments in respect of the GAG Administrative Claim.

 

Pursuant to the GAG Settlement Order, the Confirmation Order, and the Order, the Debtors have elected to make a payment in respect of the entire outstanding balance of the GAG Administrative Claim, the material terms and consequences of which are set forth below:

 

·                  Payment Amount:  $362,508,835.96

 

·                  GAG 8.50% Senior Notes due 2021 (CUSIP 60467PAQ7 and 60467PAN4):  $191,444,856.28 ($514.345301 per 1,000 of principal amount)

 

·                  GAG 9.125% Senior Notes due 2031 (CUSIP 60467PAJ3):  $171,063,979.68 ($514.345299 per 1,000 of principal amount)

 

·                  Trustee Payment Date:  June 5, 2018

 

·                  Pro Forma GAG Administrative Claim Amount:  $0.00

 

·                  Pro Forma Interest Payment Calculation:  9.0% of $0.00, effective as of June 5, 2018

 

This payment will have the effect of paying the entire remaining principal balance of the underlying GAG Notes.  The payment will be in exchange for the underlying GAG bonds.

 

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Dated:  June 1, 2018	/s/ Zack A. Clement
Houston, Texas	Zack A. Clement (Texas Bar No. 04361550)
	ZACK A. CLEMENT PLLC
	3753 Drummond Street
	Houston, Texas 77025
	Telephone:	(832) 274-7629
	Email:	zack.clement@icloud.com
	-and-
	James H.M. Sprayregen, P.C. (admitted pro hac vice)
	David R. Seligman, P.C. (admitted pro hac vice)
	Steven N. Serajeddini (admitted pro hac vice)
	W. Benjamin Winger (admitted pro hac vice)
	KIRKLAND & ELLIS LLP
	KIRKLAND & ELLIS INTERNATIONAL LLP
	300 North LaSalle
	Chicago, Illinois 60654
	Telephone:	(312) 862-2000
	Facsimile:	(312) 862-2200
	Email:	james.sprayregen@kirkland.com
		david.seligman@kirkland.com
		steven.serajeddini@kirkland.com
		benjamin.winger@kirkland.com
	-and-
	AnnElyse Scarlett Gibbons (admitted pro hac vice)
	KIRKLAND & ELLIS LLP
	KIRKLAND & ELLIS INTERNATIONAL LLP
	601 Lexington Avenue
	New York, New York 10022
	Telephone:	(212) 446-4800
	Facsimile:	(212) 446-4900
	Email:	annelyse.gibbons@kirkland.com
	Co-Counsel to the Debtors and Debtors in Possession