CenterPoint Energy, Inc. Announces Pricing of Offering of $900 Million of 4.25% Convertible Senior Notes Due 2026
02 Agosto 2023 - 12:57PM
Business Wire
CenterPoint Energy, Inc. (NYSE: CNP) today announced the pricing
of its offering of $900 million of 4.25% Convertible Senior Notes
due 2026 (the “convertible notes”) in a private placement to
persons reasonably believed to be qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”). In addition, CenterPoint Energy also
granted the initial purchasers of the convertible notes in the
offering the option to purchase up to an additional $100 million
aggregate principal amount of convertible notes within a 13-day
period beginning on, and including, the date on which the
convertible notes are first issued.
The convertible notes will be senior, unsecured obligations of
CenterPoint Energy. The convertible notes will mature on August 15,
2026, unless earlier converted or repurchased. The convertible
notes will bear interest at a rate of 4.25% per year, payable
semiannually in arrears on February 15 and August 15 of each year,
beginning on February 15, 2024. Prior to May 15, 2026, the
convertible notes will be convertible only upon the occurrence of
certain events and during certain periods. Thereafter, the
convertible notes will be convertible by holders at any time in
whole or in part until the close of business on the second
scheduled trading day immediately preceding the maturity date. Upon
conversion, CenterPoint Energy will pay cash up to the aggregate
principal amount of the convertible notes to be converted and pay
or deliver, as the case may be, cash, shares of CenterPoint
Energy’s common stock, par value $0.01 (“common stock”), or a
combination of cash and shares of common stock, at its election, in
respect of the remainder, if any, of its conversion obligation.
CenterPoint Energy may not redeem the convertible notes prior to
the maturity date. The initial conversion rate will be 27.1278
shares of common stock per $1,000 principal amount of convertible
notes (equivalent to an initial conversion price of approximately
$36.86 per share of the common stock).
CenterPoint Energy intends to use the net proceeds from this
offering for general corporate purposes, including the redemption
of our Series A preferred stock, after its call date, and repayment
of a portion of our outstanding commercial paper.
The convertible notes and any shares of common stock issuable
upon conversion of the convertible notes have been offered and sold
only to persons reasonably believed to be qualified institutional
buyers in the United States pursuant to Rule 144A under the
Securities Act. The offer and sale of the convertible notes and any
shares of common stock issuable upon conversion of the convertible
notes have not been registered under the Securities Act or any
state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state laws. This press release does not constitute an offer to
sell, or the solicitation of any offer to buy, any securities and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offering would be unlawful.
This press release includes forward-looking statements. Actual
events and results may differ materially from those projected. The
statements in this press release regarding the use of proceeds from
the offering, and other statements that are not historical facts,
are forward-looking statements. Factors that could affect actual
results include, but are not limited to, factors, risk and
uncertainties discussed in CenterPoint Energy, Inc.’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2022 and
CenterPoint’s Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2023 and June 30, 2023 and other reports CenterPoint
Energy may file from time to time with the Securities and Exchange
Commission.
As the only investor owned electric and gas utility based in
Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery
company with electric transmission and distribution, power
generation and natural gas distribution operations that serve more
than 7 million metered customers in Indiana, Louisiana, Minnesota,
Mississippi, Ohio and Texas. As of June 30, 2023, the company owned
approximately $38 billion in assets. With approximately 9,000
employees, CenterPoint Energy and its predecessor companies have
been in business for more than 150 years.
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Media: Communications
media.relations@centerpointenergy.com Investors: Jackie
Richert / Ben Vallejo 713.207.6500
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