NRG Energy stock slides after LS Power prices $2.35 billion share sale at $164

NRG Energy shares fell 7.7% after LS Power affiliates priced an upsized secondary offering of 14.3 million shares at $164 apiece, totaling $2.35 billion, a discount to Monday’s close. Although NRG will not receive proceeds from the sale, it plans to repurchase $300 million of its own common stock from the sellers at the same price. This secondary offering follows NRG’s recent asset purchase from LS Power and introduces near-term volatility due to the added supply on the market.