It depends on where the native speaker is from. For example, Aussies might pronounce it "RI," but Brits would pronounce it "RE."
Since there is no "correct" accent, I suggest doing it the Japanese way; go by spelling. If so, you should change the katakana to "RE-FA-RE-N-SU," I think.
I expect that most Japanese readers here consider it uncool to use katakana at all though! Am I right?