Reliant Energy investor backs out of $350 million private placement

By Devika Patel

Knoxville, Tenn., Dec. 9 - Reliant Energy Inc. will not proceed with a $350 million private placement of preferred stock, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The deal, arranged with FR Reliant Holdings LP, was contingent upon the company's plans for $650 million in senior secured term loans. As previously reported, the loan plans were canceled and FR Reliant decided to terminate its agreement with the company as a result of this cancellation.

Reliant Energy, based in Houston, provides electricity and energy services to retail and wholesale customers in the United States.

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