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Tuesday, December 30, 2003 2:57:57 PM
Reliant Prepays Debt, Eyes Acquisitions
Tara Murphy, 12.29.03, 5:07 PM ET
NEW YORK - Topping the news this hour, Reliant Resources says it has prepaid $917 million in debt as it strengthens its finances to acquire power plants.
Reliant (nyse: RRI - news - people ) says it used funds from an escrow account for the debt prepayment, which will help it in buying CenterPoint Energy's (nyse: CNP - news - people ) interest in electricity generator Texas Genco (nyse: TGN - news - people ). With the amendment to its bank credit facilities, Reliant, which also canceled an unused $300 million credit facility, says it now has up to $1 billion to put to work on acquisition targets.
Nice.. (ahem, the stock news too....)
I still have a fair sized position. Playing it a few months ago was bad and I sold some in a bit of a panic. Not happy with that but still think the company and the stock have legs..
S...
Tara Murphy, 12.29.03, 5:07 PM ET
NEW YORK - Topping the news this hour, Reliant Resources says it has prepaid $917 million in debt as it strengthens its finances to acquire power plants.
Reliant (nyse: RRI - news - people ) says it used funds from an escrow account for the debt prepayment, which will help it in buying CenterPoint Energy's (nyse: CNP - news - people ) interest in electricity generator Texas Genco (nyse: TGN - news - people ). With the amendment to its bank credit facilities, Reliant, which also canceled an unused $300 million credit facility, says it now has up to $1 billion to put to work on acquisition targets.
Nice.. (ahem, the stock news too....)
I still have a fair sized position. Playing it a few months ago was bad and I sold some in a bit of a panic. Not happy with that but still think the company and the stock have legs..
S...
"When you have to shoot, shoot. Don't talk."
Tuco (The Good, the Bad and the Ugly)
"An umbrella with holes is better than no umbrella at all."
Dr. Alexander Elder on using stops.
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