UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
RELIANT ENERGY, INC.
--------------------
(Name of Issuer)
Common Stock, par value $0.001 per share
-------------------------------------------------
(Title of Class of Securities)
75952B105
-------------------
(CUSIP Number)
Mark Horowitz
General Counsel
Glenview Capital Management, LLC
767 Fifth Avenue, 44th Floor
New York, New York 10153
(212) 812-4700
--------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 22, 2007
-------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
statement because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. |X|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Continued on following pages
Page 1 of 10 Pages
SCHEDULE 13D
CUSIP No.: 75952B105 Page 2 of 10 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GLENVIEW CAPITAL MANAGEMENT, LLC
.................................................................................
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Source of Funds (See Instructions)
Not Applicable
.................................................................................
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
[ ]
.................................................................................
6. Citizenship or Place of Organization
Delaware
.................................................................................
Number of 7. Sole Voting Power None
Shares
Beneficially ...........................................................
Owned by Each
Reporting 8. Shared Voting Power 15,403,336
Person With
...........................................................
9. Sole Dispositive Power None
...........................................................
10. Shared Dispositive Power 15,403,336
.................................................................................
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,403,336
.................................................................................
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
[ ]
.................................................................................
13. Percent of Class Represented by Amount in Row (11)
4.99% based on 308,488,738 shares outstanding as of October 31, 2006.
.................................................................................
14. Type of Reporting Person:
OO
SCHEDULE 13D
CUSIP No.: 75952B105 Page 3 of 10 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GLENVIEW CAPITAL GP, LLC
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Source of Funds (See Instructions)
Not Applicable
.................................................................................
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
[ ]
.................................................................................
6. Citizenship or Place of Organization
Delaware
.................................................................................
Number of 7. Sole Voting Power None
Shares
Beneficially ...........................................................
Owned by Each
Reporting 8. Shared Voting Power 15,403,336
Person With
...........................................................
9. Sole Dispositive Power None
...........................................................
10. Shared Dispositive Power 15,403,336
.................................................................................
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,403,336
.................................................................................
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
[ ]
.................................................................................
13. Percent of Class Represented by Amount in Row (11)
4.99% based on 308,488,738 shares outstanding as of October 31, 2006.
.................................................................................
14. Type of Reporting Person:
OO
SCHEDULE 13D
CUSIP No.: 75952B105 Page 4 of 10 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
LAWRENCE M. ROBBINS
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Source of Funds (See Instructions)
Not Applicable
.................................................................................
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
[ ]
.................................................................................
6. Citizenship or Place of Organization
United States of America
.................................................................................
Number of 7. Sole Voting Power None
Shares
Beneficially ...........................................................
Owned by Each
Reporting 8. Shared Voting Power 15,403,336
Person With
...........................................................
9. Sole Dispositive Power None
...........................................................
10. Shared Dispositive Power 15,403,336
.................................................................................
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,403,336
.................................................................................
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
[ ]
.................................................................................
13. Percent of Class Represented by Amount in Row (11)
4.99% based on 308,488,738 shares outstanding as of October 31, 2006.
.................................................................................
14. Type of Reporting Person:
IA
Page 5 of 10 Pages
This Amendment No. 3 to Schedule 13D relates to shares of Common
Stock, par value $0.001 per share (the "Shares"), of Reliant Energy, Inc. (the
"Issuer"). This Amendment No. 3 supplementally amends the initial statement on
Schedule 13D, dated December 14, 2005 (the "Initial Statement"), as amended by
Amendment No. 1, dated February 10, 2006, and as further amended by Amendment
No. 2, dated November 16, 2006 (as amended, the "Schedule 13D") filed by the
Reporting Persons (as defined herein). Certain of the securities reported herein
were previously reported on a Schedule 13G filed by certain of the Reporting
Persons on May 2, 2005. This Amendment No. 3 to the Schedule 13D is being filed
by the Reporting Persons to report that the number of Shares that the Reporting
Persons may be deemed to beneficially own has decreased by more than one percent
of the current amount of outstanding Shares, as disclosed in the Issuer's
quarterly report on Form 10-Q that was filed on November 9, 2006 and to report
that the Reporting Persons have ceased to be the beneficial owners of more than
five percent of the Shares. Capitalized terms used but not defined herein shall
have the meanings ascribed to them in the Initial Statement. The Schedule 13D is
supplementally amended as follows.
Item 1. Security and Issuer:
This Statement relates to the Shares. The address of the principal
executive office of the Issuer is 1000 Main Street, Houston, Texas 77002.
Item 2. Identity and Background:
This Statement is filed on behalf of each of the following persons
(collectively, the "Reporting Persons"):
i) Glenview Capital Management, LLC ("Glenview Capital
Management");
ii) Glenview Capital GP, LLC ("Glenview Capital GP"); and
iii) Lawrence M. Robbins ("Mr. Robbins").
This Statement relates to the Shares held for the accounts of
Glenview Capital Master Fund, Ltd., a Cayman Islands exempted company ("Glenview
Capital Master Fund"), Glenview Capital Partners, L.P., a Delaware limited
partnership ("Glenview Capital Partners"), Glenview Institutional Partners,
L.P., a Delaware limited partnership ("Glenview Institutional Partners"), GCM
Little Arbor Master Fund, Ltd., a Cayman Islands exempted company ("GCM Little
Arbor Master Fund"), GCM Little Arbor Institutional Partners, L.P., a Delaware
limited partnership ("GCM Little Arbor Institutional Partners"), and GCM Little
Arbor Partners, L.P., a Delaware limited partnership ("GCM Little Arbor
Partners").
The principal business address of each of Glenview Capital
Management, Glenview Capital GP and Mr. Robbins is 767 Fifth Avenue, 44th Floor,
New York, New York 10153.
Item 5. Interest in Securities of the Issuer:
According to information filed by the Issuer with the Securities and
Exchange Commission in its most recent quarterly report on Form 10-Q, the number
of Shares outstanding was 308,488,738 as of October 31, 2006.
Page 6 of 10 Pages
(a) Each of Glenview Capital Management, Glenview Capital GP and Mr.
Robbins may be deemed the beneficial owner of 15,403,336 Shares (approximately
4.99% of the total number of Shares outstanding). This amount consists of (A)
9,343,171 Shares held for the account of Glenview Capital Master Fund, (B)
765,835 Shares held for the account of Glenview Capital Partners, (C) 3,959,701
Shares held for the account of Glenview Institutional Partners, (D) 1,109,339
Shares held for the account of GCM Little Arbor Master Fund, (E) 219,412 Shares
held for the account of GCM Little Arbor Institutional Partners, and (F) 5,878
Shares held for the account of GCM Little Arbor Partners.
(b) Each of Glenview Capital Management, Glenview Capital GP and Mr.
Robbins may be deemed to have shared power to direct the voting and disposition
of the 15,403,336 Shares.
(c) Except for the transactions listed on Annex A hereto, all of
which were effected in the over-the-counter market in routine brokerage
transactions, there have been no transactions with respect to the Shares since
December 28, 2006 (60 days prior to the date hereof) by any of the Reporting
Persons.
(d) Not applicable.
(e) As of February 26, 2007, each of Glenview Capital Management,
Glenview Capital GP and Mr. Robbins ceased to be a beneficial owner of more than
five percent of the Shares.
Item 7. Material to be filed as Exhibits:
The Exhibit Index is incorporated herein by reference.
Page 7 of 10 Pages
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Date: February 26, 2007 GLENVIEW CAPITAL MANAGEMENT, LLC
By: /s/ Lawrence M. Robbins
---------------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 26, 2007 GLENVIEW CAPITAL GP, LLC
By: /s/ Lawrence M. Robbins
---------------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: February 26, 2007 LAWRENCE M. ROBBINS
/s/ Lawrence M. Robbins
----------------------------------------
Page 8 of 10 Pages
ANNEX A
RECENT TRANSACTIONS IN THE SECURITIES OF
RELIANT ENERGY, INC.
A. Transactions for the account of Glenview Capital Partners, L.P. since
December 28, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 10,200 $14.35
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 5,100 $14.34
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 600 $14.35
-------------------------------------------------------------------------------------------------
01/04/2007 SALE 12,700 $14.20
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 22,600 $14.42
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 300 $14.42
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 100 $14.42
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 103,300 $16.25
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 1,300 $16.27
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 300 $16.26
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 51,600 $16.28
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 51,600 $16.28
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 54,900 $17.69
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 28,100 $17.42
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 5,000 $17.63
-------------------------------------------------------------------------------------------------
B. Transactions for the account of Glenview Institutional Partners, L.P.
since December 28, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 52,300 $14.35
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 26,100 $14.34
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 3,200 $14.35
-------------------------------------------------------------------------------------------------
01/04/2007 SALE 65,300 $14.20
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 116,100 $14.42
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 1,600 $14.42
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 300 $14.42
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 533,100 $16.25
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 6,700 $16.27
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 1,300 $16.26
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 266,500 $16.28
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 266,500 $16.28
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 200 $16.25
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 284,100 $17.69
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 145,200 $17.42
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 25,700 $17.63
-------------------------------------------------------------------------------------------------
Page 9 of 10 Pages
C. Transactions for the account of Glenview Capital Master Fund, Ltd. since
December 28, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 121,500 $14.35
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 60,800 $14.34
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 7,500 $14.35
-------------------------------------------------------------------------------------------------
01/04/2007 SALE 151,900 $14.20
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 269,700 $14.42
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 3,600 $14.42
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 500 $14.42
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 1,257,800 $16.25
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 15,700 $16.27
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 3,100 $16.26
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 629,000 $16.28
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 629,000 $16.28
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 400 $16.25
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 670,200 $17.69
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 342,700 $17.42
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 60,700 $17.63
-------------------------------------------------------------------------------------------------
D. Transactions for the account of GCM Little Arbor Partners, L.P. since
December 28, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 100 $14.35
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 100 $14.34
-------------------------------------------------------------------------------------------------
01/04/2007 SALE 100 $14.20
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 200 $14.42
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 500 $16.25
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 200 $16.28
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 200 $16.28
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 400 $17.69
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 300 $17.42
-------------------------------------------------------------------------------------------------
Page 10 of 10 Pages
E. Transactions for the account of GCM Little Arbor Master Fund, Ltd. since
December 28, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 13,300 $14.35
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 6,600 $14.34
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 800 $14.35
-------------------------------------------------------------------------------------------------
01/04/2007 SALE 16,700 $14.20
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 29,600 $14.42
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 400 $14.42
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 100 $14.42
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 87,700 $16.25
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 1,100 $16.27
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 200 $16.26
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 43,900 $16.28
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 43,900 $16.28
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 79,600 $17.69
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 40,700 $17.42
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 7,200 $17.63
-------------------------------------------------------------------------------------------------
F. Transactions for the account of GCM Little Arbor Institutional Partners,
L.P. since December 28, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 2,600 $14.35
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 1,300 $14.34
-------------------------------------------------------------------------------------------------
01/03/2007 SALE 200 $14.35
-------------------------------------------------------------------------------------------------
01/04/2007 SALE 3,300 $14.20
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 5,800 $14.42
-------------------------------------------------------------------------------------------------
01/12/2007 SALE 100 $14.42
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 17,600 $16.25
-------------------------------------------------------------------------------------------------
02/22/2007 SALE 200 $16.27
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 8,800 $16.28
-------------------------------------------------------------------------------------------------
02/23/2007 SALE 8,800 $16.28
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 15,800 $17.69
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 8,000 $17.42
-------------------------------------------------------------------------------------------------
02/26/2007 SALE 1,400 $17.63
-------------------------------------------------------------------------------------------------