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Gold/Mining/Energy : Reliant Resources
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To: Brian who wrote (68)1/30/2003 1:15:44 PM
From: NDBFREE   of 81
 
Listen to part of CC. Did not take a lot of notes, but here is what I noted:
1. Apparently RRI has very little pension plan expense exposure. Very small pension plan related to union employees, but otherwise apparently no company pension plan.
2. They are projecting 300 million from wholesale in 2003 and feel pretty good about it do to:
a. only 45% of Orion (coal and hydro) hedged and gas prices are up and
b. hydro situation out west makes them feel good about possible future prices out west.
3. No plan to sell equity. In near term might sell equity as part of any decision to acquire TGN, but only if doing so would be accreditive.
4. In future would like to improve investment grade of company and that would necessitate a change in ratio of debt to equity from current ratio (sell equity). Won't do it at current prices.
5. Don't see any need to sell equity (no gun to head by bankers) as part of bank deal.
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