HOUSTON, Nov. 9 /PRNewswire-FirstCall/ -- Reliant Energy, Inc.
announced today that it has extended the expiration date for and is
amending the terms of its consent solicitation relating to:
* Three series of its outstanding Senior Secured Notes (collectively, the
"Notes"):
-- 9.25% Senior Secured Notes due 2010;
-- 9.50% Senior Secured Notes due 2013; and
-- 6.75% Senior Secured Notes due 2014; and
* Five series of Pennsylvania Economic Development Financing Authority's
outstanding Exempt Facilities Revenue Bonds (Reliant Energy Seward, LLC
Project) (collectively, the "Bonds"):
-- Series 2001A;
-- Series 2002A;
-- Series 2002B;
-- Series 2003A; and
-- Series 2004A.
The expiration date has been extended to 5 p.m., EST, on Tuesday
November 14, 2006, unless further extended or the consent solicitation is
terminated by Reliant Energy.
Reliant Energy has agreed to offer the new terms to address issues
raised by certain holders of the Bonds. The new terms of the consent
solicitation will be set forth in the Second Amended and Restated Consent
Solicitation Statement dated November 8, 2006.
The new terms include a deferral of Reliant's right to call the Bonds
for 18 months and eliminating the consent fee payable to consenting holders
of the Bonds.
This announcement is for informational purposes only and does not
constitute a solicitation of consents. Requests for documents may be
directed to Global Bondholder Services Corporation, the Information Agent,
by telephone at (866) 873-6300 (toll free) or (212) 430-3774. Questions
regarding the consent solicitation may be directed to Goldman, Sachs & Co.,
the Solicitation Agent, at (800) 828-3182 (toll-free) or (212) 902-0041.
This news release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934. Forward-looking statements are statements that
contain projections, estimates and assumptions about our revenues, income,
earnings and other financial items, our plans and objectives for the
future, future economic performance, or other projections or estimates
about our assumptions relating to these types of statements. These
statements usually relate to future events and anticipated revenues,
earnings, business strategies, competitive position or other aspects of our
operations or operating results. In many cases you can identify
forward-looking statements by terminology such as "anticipate," "estimate,"
"believe," "continue," "could," "intend," "may," "plan," "potential,"
"predict," "should," "will," "expect," "objective," "projection,"
"forecast," "goal," "guidance," "outlook," "effort," "target" and other
similar words. However, the absence of these words does not mean that the
statements are not forward-looking. We have based our forward-looking
statements on management's beliefs and assumptions based on information
available to management at the time the statements are made. Actual results
may differ materially from those expressed or implied by forward-looking
statements as a result of many factors or events, legislative and
regulatory developments, the outcome of pending lawsuits, governmental
proceedings and investigations, the effects of competition, financial
market conditions, access to capital, the timing and extent of changes in
commodity prices and interest rates, weather conditions, changes in our
business plan and other factors we discuss in our other filings with the
Securities and Exchange Commission, including "Risk Factors" discussed in
our most recent Annual Report on Form 10-K, Item 1A. Each forward-looking
statement speaks only as of the date of the particular statement, and we
undertake no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Reliant Energy, Inc. (NYSE: RRI) based in Houston, Texas, provides
electricity and energy services to retail and wholesale customers in the
United States. In Texas, the company provides service to approximately 1.9
million retail electricity customers, including residential and small
business customers and commercial, industrial, governmental and
institutional customers. Reliant also serves commercial, industrial,
governmental and institutional customers in the PJM (Pennsylvania, New
Jersey and Maryland) market.
The company is one of the largest independent power producers in the
nation with approximately 16,000 megawatts of power generation capacity in
operation across the United States. These strategically located generating
assets utilize natural gas, fuel oil and coal. For more information, visit
http://www.reliant.com/corporate.
SOURCE Reliant Energy, Inc.
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Related links:
http://www.reliant.com/corporate/
CONTACT:
Dennis Barber, investors, +1-713-497-3042,
and Pat Hammond, media, +1-713-497-7723
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