The bank debt formerly known as NRG Brazos Valley was said to have been auctioned recently as high as the 45-47 level. The auctioned pieces were in the realm of $10 million each, noted one dealer. The first trade in the recent series of trades was around the 43 range, he said. Brazos Valley is now a separate entity from NRG Energy after project lenders foreclosed on the company's ownership interest in NRG Brazos Valley GP,NRG Brazos Valley LP, NRG Brazos Valley Technology LP and NRG Brazos Valley Energy and acquired all of the assets of the Brazos Valley project. Most recently, North American Energy Services Company signed a contract to provide operations and maintenance services at the Brazos Valley Energy combined cycle electric merchant generating facility located in Thompsons, Texas.
Separately, NRG Energy's corporate bank debt and its NRG Finance Company facility traded flat in the 53-55 and 521/2-54 contexts, respectively. The company has a confirmation hearing seeking approval for its plan of reorganization and disclosure statement on Friday. An NRG spokesman said the levels of the bank debt were consistent with the company's plan of reorganization where lenders are expected to receive about 50.7 cents on the dollar in their recovery package.