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RRI Energy gets tenders of $225.3 million for six series of notes
By Susanna Moon
Chicago, June 5 - RRI Energy, Inc. (formerly Reliant Energy Inc.) said it received tenders of $225.3 million in its asset sale offer to purchase up to $225 million principal amount of six series of notes.
Investors tendered $146.68 million of RRI Energy's 6¾% senior secured notes due 2014 and $78.62 million for five series of Pennsylvania Economic Development Financing Authority exempt facilities revenue bonds issued for the Reliant Energy Seward, LLC project.
The breakdown of the tenders for the revenue bonds is as follows: $27.730 million for the series 2001A bonds, $9.675 million for the series 2002A bonds, $11.480 million for the series 2002B bonds, $21.795 million for the series 2003A bonds and $7.940 million for the series 2004A bonds.
On May 1, the company said it closed the sale of its Texas retail business to NRG Energy, Inc. and that in conjunction with the close, it would offer its secured bondholders about $240 million of the proceeds.
The company also said it would change its name to RRI Energy, effective May 2.
The Texas retail business was sold for $287.5 million in cash plus estimated working capital of about $65 million, amounting to net proceeds of about $300 million.
On March 2, the company announced that it would offer secured debt holders proceeds from the asset sale to reduce outstanding debt.
RRI Energy is a Houston-based provider of electricity and energy services.
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