Credit Suisse First Boston has been tapped to lead a $2 billion construction and acquisition credit revolver for Minneapolis-based NRG Energy, according to a banker familiar with the deal. The proceeds of the revolver will be used primarily to acquire assets from LS Power, Sierra Pacific, Conectiv and Wisconsin Energy (PFR, 1/22).
The expansion is part of NRG's strategy to reallocate its power project portfolio, and shift its emphasis beyond the California market and into other parts of the country.
NRG has also filed with the Securities and Exchange Commission to sell $1.6 billion in convertibles and preferred securities. Calls to NRG president and ceo Craig Mataczynski and CSFB were not returned.