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Reliant Energy to Commence $4 Billion Refinancing Program
HOUSTON, Nov. 29 /PRNewswire-FirstCall/ -- Reliant Energy, Inc. announced
today it plans to launch a program to refinance existing debt facilities by
raising approximately $4 billion in new debt.
The debt instruments to be refinanced include: a $2.1 billion revolving credit
facility and a $1.7 billion term loan at the parent company; $0.3 billion of
Orion Power Midwest bank debt; and $0.4 billion of floating-rate, tax-exempt
bonds. The new financing package is expected to include a $1.7 billion
revolving credit facility and a combination of a term loan B, senior secured
notes and fixed-rate, tax-exempt bonds. The company has received commitments
for the revolving credit facility in excess of $1.7 billion. The company
expects to complete the refinancing by the end of the year.
The senior secured notes will be sold pursuant to Reliant's shelf registration
statement. This press release is neither an offer to sell nor the solicitation
of an offer to buy the notes or any other securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which, or to any persons
to whom, such an offer, solicitation or sale is unlawful. Any offer of the
notes will be made only by means of a prospectus. When available, a copy of the
prospectus supplement and related base prospectus concerning the offering of
the notes may be obtained from Reliant.
Reliant Energy, Inc., based in Houston, Texas, provides electricity and energy
services to retail and wholesale customers in the U.S. The company provides a
complete suite of energy products and services to approximately 1.9 million
electricity customers in Texas ranging from residences and small businesses to
large commercial, industrial and institutional customers. Reliant also serves
commercial and industrial clients in the PJM (Pennsylvania, New Jersey,
Maryland) Interconnection. The company has approximately 19,000 megawatts of
power generation capacity in operation or under contract.
This news release contains "forward-looking statements." Forward-looking
statements are statements that contain projections about our revenues, income,
earnings and other financial items, our plans and objectives for the future,
future economic performance, or other projections or estimates about our
assumptions relating to these types of statements. These statements usually
relate to future events and anticipated revenues, earnings, business
strategies, competitive position or other aspects of our operations or
operating results. In many cases you can identify forward-looking statements
by terminology such as "anticipate," "estimate," "believe," "continue,"
"could," "intend," "may," "plan," "potential," "predict," "should," "will,"
"expect," "objective," "projection," "forecast," "goal," "guidance," "outlook,"
"effort," "target" and other similar words. However, the absence of these
words does not mean that the statements are not forward-looking.
We have based our forward-looking statements on management's beliefs and
assumptions based on information available to management at the time the
statements are made. Actual results may differ materially from those expressed
or implied by forward-looking statements as a result of many factors or events,
including legislative and regulatory developments, the outcome of pending
lawsuits, governmental proceedings and investigations, the effects of
competition, financial market conditions, access to capital, the timing and
extent of changes in commodity prices and interest rates, weather conditions,
changes in our business plan and other factors we discuss in our other filings
with the Securities and Exchange Commission.
Each forward-looking statement speaks only as of the date of the particular
statement, and we undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise.
DATASOURCE: Reliant Energy, Inc.
CONTACT: Pat Hammond, media, +1-713-497-7723, or Stephanie Slavin,
investors, +1-713-497-6983, both of Reliant Energy, Inc.
Web site: http://www.reliant.com/corporate