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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: kodiak_bull who wrote (16215)12/27/2002 12:55:24 PM
From: jim_p  Read Replies (1) of 206299
 
RRI starting to look pretty good.

We should get a nice run next week after tax selling and window dressing is over and then again as we approach February.

I was concerned about the lack of insider buying so I called and found out that both Letbetter and Naeve exchanged all their shares in their retirement plan from CNP to RRI. On insider trading, it only shows Rice having exchanged 115,428 shares. The exchange was voluntary and gives me a little more comfort that all three are placing their investments with RRI going forward.

As far as the debt goes, I was told the refinancing will cover all debt coming due in 2003 and will also be a renewal of the banks lines of credit. Once all the maturities are pushed out, RRI should be able to access the capital markets and retire all the debt at a lower rate.

Reliant has very well-located power plants. Almost 75% of its capacity is in the Northeast and West, where the spot market is still pretty good.

In addition, Reliant has a substantial amount of coal-fired and hydroelectric power plants. Since the power market is driven by rising costs of natural gas-fired generation, such assets should do very well.

It's a chicken or egg problem and it sounds like RRI is on top of it and doing the right thing to over come the rating agencies.

Jim
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