Reliant Resources targets net debt to adjusted EBITDA of 3.0 by end of 2006

By Sara Rosenberg

New York, Feb. 17 - Reliant Resources Inc. has set a net-debt-to-adjusted-EBITDA goal of at or below 3.0 by the end of 2006, company officials said in a conference call Tuesday.

At the end of 2003, net debt to adjusted EBITDA was 5.6 times.

Included in the net debt reduction plan is an additional $200 million cost reduction program to accelerate the company's return to financial strength, according to a company news release. These reductions are in addition to the $140 million cost reduction plan announced in the third quarter of 2003.

Reliant is a Houston electricity and energy company.

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