UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
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)
November 16, 2006
-------------------------------------
(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 24,243,507
Shares
Beneficially ...........................................................
Owned by Each
Reporting 8. Shared Voting Power None
Person With
...........................................................
9. Sole Dispositive Power 24,243,507
...........................................................
10. Shared Dispositive Power None
.................................................................................
11. Aggregate Amount Beneficially Owned by Each Reporting Person
24,243,507
.................................................................................
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
[ ]
.................................................................................
13. Percent of Class Represented by Amount in Row (11)
7.9% 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 24,243,507
Person With
...........................................................
9. Sole Dispositive Power None
...........................................................
10. Shared Dispositive Power 24,243,507
.................................................................................
11. Aggregate Amount Beneficially Owned by Each Reporting Person
24,243,507
.................................................................................
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
[ ]
.................................................................................
13. Percent of Class Represented by Amount in Row (11)
7.9% 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).
GLENVIEW CAPITAL MASTER FUND, LTD.
.................................................................................
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
Cayman Islands, British West Indies
.................................................................................
Number of 7. Sole Voting Power None
Shares
Beneficially ...........................................................
Owned by Each
Reporting 8. Shared Voting Power 14,563,542
Person With
...........................................................
9. Sole Dispositive Power None
...........................................................
10. Shared Dispositive Power 14,563,542
.................................................................................
11. Aggregate Amount Beneficially Owned by Each Reporting Person
14,563,542
.................................................................................
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
[X]
.................................................................................
13. Percent of Class Represented by Amount in Row (11)
4.7% based on 308,488,738 shares outstanding as of October 31, 2006.
.................................................................................
14. Type of Reporting Person:
IA
SCHEDULE 13D
CUSIP No.: 75952B105 Page 5 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 24,243,507
Person With
...........................................................
9. Sole Dispositive Power None
...........................................................
10. Shared Dispositive Power 24,243,507
.................................................................................
11. Aggregate Amount Beneficially Owned by Each Reporting Person
24,243,507
.................................................................................
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
[ ]
.................................................................................
13. Percent of Class Represented by Amount in Row (11)
7.9% based on 308,488,738 shares outstanding as of October 31, 2006.
.................................................................................
14. Type of Reporting Person:
IA
Page 6 of 10 Pages
This Amendment No. 2 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. 2 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 (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. 2 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.
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");
iii) Glenview Capital Master Fund, Ltd. ("Glenview Capital Master
Fund"); and
iv) Lawrence M. Robbins ("Mr. Robbins").
This Statement relates to the Shares held for the accounts of
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 7 of 10 Pages
(a) (i) Each of Glenview Capital Management, Glenview Capital GP and
Mr. Robbins may be deemed the beneficial owner of 24,243,507 Shares
(approximately 7.9% of the total number of Shares outstanding). This amount
consists of (A) 1,158,135 Shares held for the account of Glenview Capital
Partners, (B) 14,563,542 Shares held for the account of Glenview Capital Master
Fund, (C) 6,576,801 Shares held for the account of Glenview Institutional
Partners, (D) 1,507,239 Shares held for the account of GCM Little Arbor Master
Fund, (E) 413,312 Shares held for the account of GCM Little Arbor Institutional
Partners, and (F) 24,478 Shares held for the account of GCM Little Arbor
Partners.
(ii) Glenview Capital Master Fund may be deemed the beneficial
owner of the 14,563,542 Shares (approximately 4.7% of the total number of Shares
outstanding) held for its account.
(b) (i) Glenview Capital Management may be deemed to have sole power
to direct the voting and disposition of the 24,243,507 Shares that they may be
deemed to beneficially own as set forth above.
(ii) Each of Glenview Capital GP and Mr. Robbins may be deemed
to have shared power to direct the voting and disposition of the 24,243,507
Shares that Glenview Capital Management may be deemed to beneficially own as set
forth above.
(iii) Glenview Capital Master Fund may be deemed to have
shared power to direct the voting and disposition of the 14,563,542 Shares that
it may be deemed to beneficially own as set forth above.
(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
September 19, 2006 (60 days prior to the date hereof) by any of the Reporting
Persons.
(d) Not applicable.
(e) As of November 16, 2006, Glenview Capital Master Fund 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 8 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: November 17, 2006 GLENVIEW CAPITAL MANAGEMENT, LLC
By: /s/ Lawrence M. Robbins
---------------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: November 17, 2006 GLENVIEW CAPITAL GP, LLC
By: /s/ Lawrence M. Robbins
---------------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: November 17, 2006 GLENVIEW CAPITAL MASTER FUND, LTD.
By: Glenview Capital Management, LLC,
As Investment Manager
By: /s/ Lawrence M. Robbins
---------------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: November 17, 2006 LAWRENCE M. ROBBINS
/s/ Lawrence M. Robbins
----------------------------------------
Page 9 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
September 19, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 71,600 $13.57
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 1,200 $13.70
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 100 $13.72
-------------------------------------------------------------------------------------------------
B. Transactions for the account of Glenview Institutional Partners, L.P.
since September 19, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 406,900 $13.57
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 6,800 $13.70
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 600 $13.72
-------------------------------------------------------------------------------------------------
C. Transactions for the account of Glenview Capital Master Fund, Ltd. since
September 19, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 901,200 $13.57
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 15,000 $13.70
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 1,300 $13.72
-------------------------------------------------------------------------------------------------
D. Transactions for the account of GCM Little Arbor Partners, L.P. since
September 19, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 1,500 $13.57
-------------------------------------------------------------------------------------------------
E. Transactions for the account of GCM Little Arbor Master Fund, Ltd. since
September 19, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 93,200 $13.57
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 1,600 $13.70
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 100 $13.72
-------------------------------------------------------------------------------------------------
Page 10 of 10 Pages
F. Transactions for the account of GCM Little Arbor Institutional Partners,
L.P. since September 19, 2006.
-------------------------------------------------------------------------------------------------
Date of Transaction Nature of Transaction Number of Shares Price per Share
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 25,600 $13.57
-------------------------------------------------------------------------------------------------
11/16/2006 SALE 400 $13.70
-------------------------------------------------------------------------------------------------