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RRI Energy gets $57.09 million total tenders for six series of notes
By Jennifer Chiou
New York, July 22 - RRI Energy, Inc. (formerly Reliant Energy Inc.) announced that it received tenders for a total of $57,089,000 of securities in its asset sale offer for six series of notes.
Specifically, holders tendered $21,682,000 of RRI Energy's 6¾% senior secured notes due 2014 and $13,725,000 for five series of exempt facilities revenue bonds issued by Pennsylvania Economic Development Financing Authority for the Reliant Energy Seward, LLC project.
The offer ended at 5 p.m. ET on July 20. It began on June 19.
The breakdown of the tenders for the revenue bonds is as follows: $4.835 million for the series 2001A bonds, $2.290 million for the series 2002A bonds, $1.755 million for the series 2002B bonds, $3.605 million for the series 2003A bonds and $1.240 million for the series 2004A bonds.
Funds for the offer came from a portion of post-closing payments from the May 1 sale of the company's Texas retail business to NRG Energy, Inc.
The company previously said on June 5 that it received tenders of $225.3 million in a prior asset sale offer to purchase up to $225 million principal amount of the notes. Investors had tendered $146.68 million of RRI Energy's 6¾% notes and $78.62 million for five series of the revenue bonds.
In that prior offer, the breakdown of the tenders for the revenue bonds was: $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 closed the sale of its Texas retail business to NRG. 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.
RRI Energy is a Houston-based provider of electricity and energy services.
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