Reliant Energy gets $299 million term loan from Deutsche

By Sara Rosenberg

New York, Oct. 11 - Reliant Energy Inc. closed on a new $299 million term loan due April 2010, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Deutsche Bank is the lead bank on the loan.

The term loan, which closed Oct. 7, carries an interest rate of Libor plus 237.5 basis points.

Borrowings will be used to support collateral posting obligations.

The company entered into this new term loan to maintain prudent liquidity reserves in light of increased natural gas prices, the filing added.

Reliant is a Houston-based provider of electricity and energy services.

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