Reliant Energy plans new $700 million facility as part of refinancing

New York, May 24 - Reliant Energy, Inc. intends to obtain a new $700 million credit facility as part of a refinancing announced Thursday.

Proceeds, along with funds from selling $1.25 billion of senior notes, will be used to repay its $400 million term loan and tender for its combined $1.1 billion of 9¼% and 9½% senior secured notes.

According to a market source, Goldman Sachs & Co., Deutsche Bank, JP Morgan and Merrill Lynch & Co. are involved in the tender.

Houston-based Reliant Energy provides electricity and energy services to retail and wholesale customers in the United States.

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