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NRG Yield Operating, an indirect subsidiary of NRG Yield, has priced its previously announced offering of $500 million of 5.375% senior notes due 2024. The notes will be senior unsecured obligations of Yield Operating and guaranteed by NRG Yield.

Yield Operating says it intends to use the proceeds of the offering to fund, in whole or in part, renewable energy projects. Specifically, it plans to use the proceeds to help fund the previously announced $870 million purchase of the 947 MW Alta Wind Energy Center (AWEC) in California from Terra-Gen Power. NRG Yield, parent company of Yield Operating and a yieldco subsidiary of New Jersey-based NRG Energy, also recently closed an offering of 10.5 million shares of its Class A common stock to help fund the AWEC buy.

Yield Operating says its notes will mature on Aug. 15, 2024, unless earlier repurchased in accordance with their terms. Interest on the notes is payable semi-annually in arrears on Feb. 15 and Aug. 15 of each year, commencing on Feb. 15, 2015. The offering is expected to close on Aug. 5, 2014, subject to customary conditions.




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