Reliant sets Wednesday launch for $750 million credit facility

By Sara Rosenberg

New York, May 25 - Reliant Energy Inc. has scheduled a conference call for Wednesday to launch its proposed $750 million credit facility, according to a market source.

The facility consists of a $500 million revolver and a $250 million pre-funded letter of credit facility.

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.

Goldman Sachs, Deutsche Bank, JPMorgan and Merrill Lynch are the dealer managers for the tender offer.

The deal is expected to close in June.

Reliant is a Houston-based provider of electricity and energy services to retail and wholesale customers.

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