HOUSTON, Nov. 29 (UPI) -- Reliant Energy of Houston announced plans Monday to raise about $4 billion in new debt to refinance its existing obligations.
The electricity producer and marketer said in a release the mix of new debt would include more than $2 billion in revolving credit that should help the company complete its refinancing by the end of the year.
Reliant is among a number of energy firms struggling with low stock values since the crash of Enron and has also been implicated in alleged wrongdoing by energy traders.
The Houston Chronicle said a former Reliant employee was among five former energy traders expected to be indicted on wire fraud and other federal counts for allegedly misrepresenting information given to industry pricing publications.
