Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Reliant Energy Inc. > News item |
Reliant Energy to offer paydown to secured debt holders with asset sale proceeds
By Sara Rosenberg
New York, March 2 - Reliant Energy Inc. will offer secured debt holders proceeds from the sale of its Texas retail business to reduce outstanding debt, according to a news release.
The Texas retail business is being sold to NRG Energy Inc. for $287.5 million in cash plus working capital. NRG will fund the transaction using cash on hand.
Closing is expected to take place late in the second quarter, subject to customary conditions and regulatory approvals, including pre-merger notification under the Hart-Scott-Rodino Act.
The closing of the sale will resolve the litigation regarding Reliant's credit arrangements with Merrill Lynch.
Reliant is Houston-based provider of electricity and energy services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.