HOUSTON, March 27 /PRNewswire-FirstCall/ -- Orion Power Holdings, Inc.
(OPH), a wholly owned subsidiary of Reliant Energy Inc. (NYSE: RRI), today
announced the results of its asset sale offer to purchase at par up to
$249 million of aggregate principal amount of the $400 million aggregate
principal amount outstanding of OPH's 12% Senior Notes Due 2010.
Commencing on February 24, 2006, the offer to purchase was made under the
terms of the indenture governing the notes. The holders' option to tender the
notes for purchase expired at 9 a.m., EST, on March 24, 2006.
OPH has been advised by the depositary that $191,000 in aggregate
principal amount of the notes were validly tendered for purchase and not
withdrawn. OPH has accepted for purchase all such notes. The purchase price
for the notes is 100% of the principal amount of the notes, plus accrued and
unpaid interest thereon up to but excluding the date of payment. Payment was
made on March 27, 2006. After giving effect to this purchase, $399,809,000 in
aggregate principal amount of notes will be outstanding.
The funds available for this offer to purchase represented net cash
proceeds from the February 2006 sale by OPH of its three New York City power
plants.
Under the terms of the indenture, excess proceeds from the New York City
transaction were approximately $249 million; after giving effect to this asset
sale offer, the remaining excess proceeds may be used by OPH for any purpose
not otherwise prohibited under the indenture.
SOURCE Orion Power Holdings, Inc.
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CONTACT:
investors, Kevin Kremke, +1-713-497-5468, or
media, Pat Hammond, +1-713-497-7723, both of Reliant Energy Inc.
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